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PDF document designated page output for long pictures, easy to share Picture Sharing Question 2 Masana Lid purchased a large delivery truck with trailer on 30 June 2012. The truck cost R250 000.00 and the trailer cost R150 000.00. The trailer has a residual value of R20 000. The truck is depreciable over 10 years and the trailer over 5 years on straight line basis. The truck must receive major service every two years and there are parts that are replaced. The company has a year end of December. In 2014, the residual value of the trailer was reduced DR10 000 Required: 1. Calculate the accumulated depreciation for the assets at year end 31 December 2014. 2. Show journal entries for depreciation for the 2014 year 6 marks) (4 marks) Question 3 Name and explain the Fundamental and enhancing qualitative characteristics of financial information in terms of the Conceptual framework (10 marks) Question 4 Part A Buse Limited purchased inventory on credit from Nunens Limited at a costof R1000 #ss 5% trade discount. Buse Limited allows a settlement discount of 10 % if payment is made within 30 days. Buse Limited uses a periodic inventory system. Required: 1. Prepare the journal entry to record the purchase of the goods. (3 marks) 2. Prepare the journal entry to record payment of the amount owing to Nunens Limited, assuming that payment was made after 30 days