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Prepare the journal entries for john traders

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Reference no: EM132503492

John Traders purchased machinery on the 01/01/2016 for R 120 000. Installation fees is R 30 000. The machinery has a nil residual value. Depreciation is 25% per annum based on the cost method. John Traders used the Revaluation model for PPE.

Fair values of the machinery are as follows:

31/12/2016 R 90 000

31/12/2017 R 120 000

31/12/2018 R 100 000

Required:

Question 1: Prepare the journal entries for John Traders from 2016 year to 2018 Year.

Reference no: EM132503492

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