REQUIRED

Use the information provided below to answer the following questions:

$2\mathrm{.}1$ Calculate the profit or loss on the vehicle sold.

$(5$ marks$)$

$2\mathrm{.}2$ Prepare the Accumulated Depreciation on Vehicles account in the ledger by recording all the relevant transactions for the year ended $28$ February $2022.$

$(5$ marks$)$

$2\mathrm{.}3$ Complete the note to the financial statements "Property, plant and equipment" as at $28$ February $2022.$

$(10$ marks$)$

INFORMATION

The information given below was extracted from the accounting records of Showmax Traders at the financial year$-$end $28$ February $2022$:

On $01$ March $2021$ the following balances, amongst others, appeared in the books of Showmax Traders:

$\backslash$table$[[$Vehicles$,$R$800000],[$Accumulated depreciation on vehicles,R$480000]]$

A vehicle with a cost price of R$300000$ was purchased on $01$ June $2021.$

On $31$ August $2021,$ an old vehicle that cost R$240000$ was sold for R$15000$ cash. The accumulated depreciation on this vehicle amounted to R$200000$ on $01$ March $2021.$

Depreciation is calculated at $20\%$ p$.$a$.$ using the diminishing balance method.