Grade 11 accounting pre-test: Asset Disposal
REQUIRED:
Using the information below, complete the ledger accounts on the given
answer sheet. All nominal accounts must be closed off.
Section A:
Enter all relevant transactions in the ledger.
On 28/2/03 the following figures appeared, inter-alia, in the books of Fuji Stores:
Vehicles:
Acc Dep: Vehicles:
R 225670
R 92000
On 28/2/03 the owner decided to take over an old vehicle for his wife and said that he
would take it for R 20000. The vehicle, when purchased, cost R 77500, and accumulated
depreciation on 1/3/02 was R 43210. The rate of depreciation on vehicles is 25% p.a.
diminishing balance method.
Section B:
Show the asset disposal account for the above.
Equipment:
Acc Dep: Equipment
R 11000
R 7780.
The above equipment is for the office computer. Due to old age, it was decided to trade
this in on a new computer. This all took place on 1/12/02, but no entries have as yet been
made. The trade in value on the old computer was R 3000, and the new computer cost R
12500. The account will be settled in March 2003. Equipment is to be depreciated at 25
% p.a. on cost.
Gr11 pretest a.disposal question 03
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Section A:
VEHICLES
ACCUMULATED DEPRECIATION ON VEHICLES
ASSET DISPOSAL
CALCULATIONS:
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Gr11 pretest a.disposal question 03
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Section B:
ASSET DISPOSAL
Gr11 pretest a.disposal question 03
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