REQUIRED

Use the information provided below to prepare the following accounts in the general ledger of Avery

Stores: The accounts must be balanced or closed off as at $31$ March $2024.$

$1\mathrm{.}3\mathrm{.}1$ Equipment

$(4$ marks$)$

$1\mathrm{.}3\mathrm{.}2$ Asset disposal

$(5$ marks$)$

INFORMATION

The information given below was obtained from the records of Avery Stores:

The following balances, amongst others, appeared in the ledger on $01$ March $2024,$ the beginning of the financial year:

$\backslash$table$[[$Equipment$,$R$300000],[$Accumulated depreciation for equipment,R$140000]]$

On $01$ March $2024$ equipment with an expected useful life of five years and a cost price of R$50000$ was sold for R$12000$ cash. The equipment was originally purchased on $01$ March $2020.$

New equipment was purchased on $31$ March $2024$ for R$80000$ from a supplier on credit.

Depreciation on equipment is calculated using the straight$-$line method.