Reuther leases second-hand cars. He started business on 1 January 2018 and has decided to depreciate...
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Reuther leases second-hand cars. He started business on 1 January 2018 and has decided to depreciate the cars on a straight line basis at 25% per annum on cost at the year-end. During the years 2018 to 2020 the following purchases and sales of cars took place: 2018 Acquired 20 Toyota Auris at a cost of $18,600 each 2019 Purchased 6 Toyotas for a total cost of $108,600 2020 Traded-in two of the cars acquired in 2018 and received an allowance of $9,000 cach which was set against the purchase of a further two cars costing $19,800 cach 2021 Replaced 15 cars purchased in 2018 with another 15, cach of which cost $21,000. A trade-in allowance totalling $48,000 was received. Reuther prepares accounts to 31 December each year. Required: Prepare a vehicle account, an accumulated depreciation account, a depreciation expense account and a disposals account for the уеars 2018 to 2021. Reuther leases second-hand cars. He started business on 1 January 2018 and has decided to depreciate the cars on a straight line basis at 25% per annum on cost at the year-end. During the years 2018 to 2020 the following purchases and sales of cars took place: 2018 Acquired 20 Toyota Auris at a cost of $18,600 each 2019 Purchased 6 Toyotas for a total cost of $108,600 2020 Traded-in two of the cars acquired in 2018 and received an allowance of $9,000 cach which was set against the purchase of a further two cars costing $19,800 cach 2021 Replaced 15 cars purchased in 2018 with another 15, cach of which cost $21,000. A trade-in allowance totalling $48,000 was received. Reuther prepares accounts to 31 December each year. Required: Prepare a vehicle account, an accumulated depreciation account, a depreciation expense account and a disposals account for the уеars 2018 to 2021.
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Vehicle Account For the year 2018 2021 Date Particulars Amount Date Particulars Amount 2020 By Cash ... View the full answer
Related Book For
Statistics for Business and Economics
ISBN: 978-0321826237
12th edition
Authors: James T. McClave, P. George Benson, Terry T Sincich
Posted Date:
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