The following balances appeared in the books of Santiago Traders on 1 March 2020: Land and Buildings 900 000 Vehicles 250 000 Machinery 200 000 Accumulated Depreciation on Vehicles Accumulated Depreciation on Machinery Additional information: A new building was purchased for cash on the 1st September 2020 for R1 000 000. The vehicles balance at 1 March 2020 consists of two vehicles. Vehicle A with a cost price of R120 000 was sold on the 31st October 2020 on credit to Miss Smith for R60 000. The vehicle was purchased on the 31 May 2018. Vehicle B was purchased on the 1 March 2019. Purchased a new delivery vehicle (Vehicle C) for R345 000 on credit from N&N Motors on 1 December 2020 All machinery was purchased on the 30 April 2017 The depreciation policy on non-current assets are as follows: Vehicles: 20% on cost using the straight-line method and no residual value Machinery: 10% per annum using the diminishing balance method and no residual value IGNORE VAT Santiago Traders has a 28 February year end Journalise ALL the above transactions for the year ended 28 February 2021 in the General Journal including the year-end adjustment entries for depreciation. Round off to the nearest Rand Narrations are not reguired
The following balances appeared in the books of Santiago Traders on 1 March 2020: Land and Buildings 900 000 Vehicles 250 000 Machinery 200 000 Accumulated Depreciation on Vehicles Accumulated Depreciation on Machinery Additional information: A new building was purchased for cash on the 1st September 2020 for R1 000 000. The vehicles balance at 1 March 2020 consists of two vehicles. Vehicle A with a cost price of R120 000 was sold on the 31st October 2020 on credit to Miss Smith for R60 000. The vehicle was purchased on the 31 May 2018. Vehicle B was purchased on the 1 March 2019. Purchased a new delivery vehicle (Vehicle C) for R345 000 on credit from N&N Motors on 1 December 2020 All machinery was purchased on the 30 April 2017 The depreciation policy on non-current assets are as follows: Vehicles: 20% on cost using the straight-line method and no residual value Machinery: 10% per annum using the diminishing balance method and no residual value IGNORE VAT Santiago Traders has a 28 February year end Journalise ALL the above transactions for the year ended 28 February 2021 in the General Journal including the year-end adjustment entries for depreciation. Round off to the nearest Rand Narrations are not reguired
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 9P: During 2019, Ryel Companys controller asked you to prepare correcting journal entries for the...
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The second picture is the layout of the answer. I need help with how to write the answer in the layout that's in my textbook.
Question: Journalise ALL the above transactions for the year ended 28 February 2021 in
the General Journal including the year-end
Round off to the nearest Rand
Narrations are not required
Transcribed Image Text:The following balances appeared in the books of Santiago Traders on 1 March 2020:
Land and Buildings
900 000
Vehicles
250 000
Machinery
200 000
Accumulated Depreciation on Vehicles
?
Accumulated Depreciation on Machinery
?
Additional information:
A new building was purchased for cash on the 1st September 2020 for R1 000 000.
The vehicles balance at 1 March 2020 consists of two vehicles. Vehicle A with a cost price of
R120 000 was sold on the 31st October 2020 on credit to Miss Smith for R60 000. The
vehicle was purchased on the 31 May 2018. Vehicle B was purchased on the 1 March 2019.
Purchased a new delivery vehicle (Vehicle C) for R345 000 on credit from N&N Motors on 1
December 2020
All machinery was purchased on the 30 April 2017
The depreciation policy on non-current assets are as follows:
Vehicles: 20% on cost using the straight-line method and no residual value
Machinery: 10% per annum using the diminishing balance method and no residual
value
IGNORE VAT
Santiago Traders has a 28 February year end
Journalise ALL the above transactions for the year ended 28 February 2021 in
the General Journal including the year-end adjustment entries for depreciation.
Round off to the nearest Rand
Narrations are not required
Transcribed Image Text:DATE
DETAILS
FOL
DEBIT
CREDIT
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