The following information was obtained from the records of Zondi Mining (registered VAT vendor) on the last
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Question:
The following information was obtained from the records of Zondi Mining (registered VAT vendor) on the last day of the financial year, 31 March 2023:
| R | |
| Land and buildings at cost (opening balance) | 1 700 000 |
| Vehicles at cost (opening balance) | 840 000 |
| Equipment at cost (opening balance) | 400 000 |
| Accumulated depreciation: Vehicles (opening balance) | 387 500 |
| Accumulated depreciation: Equipment (opening balance) | 76 000 |
Additional information:
1. Vehicles have a residual value of R65 000 and is depreciated over the estimated economic life of 5 years using the straight-line method.
2. Equipment is depreciated at 10% using the reducing balance method.
3. No assets were sold during the financial period.
4. On 1 October 2022, Zondi Mining purchased new drilling equipment for R95 450 (VAT inclusive). The VAT rate is 15%.
Required:
Compile the Property, plant and equipment note for Zondi Mining for the year ended 31 March 2023.
Expert Answer:
Property Plant and Equipment Note For the Year Ended 31 March 2023 Land and Buildings Opening balanc... View the full answer
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