Up Town Enterprises is a registered vat vendor. Uptown Enterprises purchased Machinery on 1 June 2021...

 

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Up Town Enterprises is a registered vat vendor. Uptown Enterprises purchased Machinery on 1 June 2021 for R45 885 inclusive of vat. This machinery was sold on 1 December 2022 for R40 250s cash. Machinery is depreciated at 20% on cost. Vat of 15% applies to all transactions. The financial year end is 28 February 2023. (Round all answers to the nearest rand) Amounts include Vat unless stated otherwise. Dr Date 2023 Feb 28 Details A Fol. Amount GJ B H G General Ledger Date Asset Disposal 2023 Feb 28 Feb 28 Details C E Fol. GJ CB R CR Amount D F G Up Town Enterprises is a registered vat vendor. Uptown Enterprises purchased Machinery on 1 June 2021 for R45 885 inclusive of vat. This machinery was sold on 1 December 2022 for R40 250s cash. Machinery is depreciated at 20% on cost. Vat of 15% applies to all transactions. The financial year end is 28 February 2023. (Round all answers to the nearest rand) Amounts include Vat unless stated otherwise. Dr Date 2023 Feb 28 Details A Fol. Amount GJ B H G General Ledger Date Asset Disposal 2023 Feb 28 Feb 28 Details C E Fol. GJ CB R CR Amount D F G

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Asset disposal account Asset disposal account is prepared for the asset which has been sold off duri... View the full answer