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What is total accumulated depriciation of the disposed motor

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Reference no: EM132499623

On 1 november 2006 Hey Dealers bought a second hand motor vehicle for a cash amount of R224 579 to be used in the bussiness.On 31 august 2008 Hey Dealers sold the second-hand motor vehicle to his friend for a cash amount of R155 000 and bought a new motor vehicle for a cash price of R450 780 on the same day. It is the accounting policy for the Hey Dealers to provide for a depriciation on motor vehicles at 20% per annum on the diminishing balance method.the financial year of Hey Dealers is at 30 november 2008.

Question:

Question 1) What is the total accumulated depriciation of the disposed motor vehicle to be tranfered to the realisation account?

Question 2) What is the carrying amount of motor vehicles at the end of financial year 30 november 2008?

Question 3) What is the profit/loss amount on the sale of motor vehicle to be disclosed in the statement of profit/loss and other comprehensive income for the year ended 30 november 2008, if accumulated depreciation at the date of disposal amounted to R90 000?

Reference no: EM132499623

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