Roll Forward Traders purchased machinery on the $01/01/2020$ for R$200000.$ The machinery has a nil residual life. Depreciation is $25\%$ per annum based on the cost method. Roll Forward

Traders uses the Cost Model for PPE.$3$ Recoverable amount of the machinery is as follows:

$31/12/2020$ R$120000$

$31/12/2021$ R$80000$

$31/12/2022$ R$200000$

Required:

$4\mathrm{.}1$ Prepare the journal entries for Roll Forward Traders from $2020$ year to $2022$ year. $\mathrm{}\mathrm{}$

$4\mathrm{.}2$ Prepare the Property Plant and Equipment note in the statement of financial position.$\mathrm{}\mathrm{}$

Answer rating: 100% (QA)

41 Journal Entries Year 2020 1 Machinery Acquisition Machinery Dr 20... View the full answer