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Question - Samoosse Traders (registered for VAT) is a newly founded business trading in safety products and equipment. The accounting policies of Samoosse Traders is as follows:
1. The periodic inventory system is applied
2. Vehicles is depreciated over 5 years using the straight-line method
3. Computer equipment is depreciated at 15% per annum using the reducing balance method
4. Furniture is depreciated at 5% per annum using the reducing balance method
On 1 June 2020, Samoosse Traders purchased a new laptop for office use to the amount of R15 600 (VAT exclusive).
Required - What will the carrying value on the laptop be for the financial year ending on 28 February 2022?
a. R11,768,25
b. R9,800,87
c. R10,233,26
d. R11,271,00
Softech pays no dividends, and instead reinvests all earnings for future growth.
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