The following information was taken from the fixed assets register of HogwartsTraders. The vehicles indicated below are the only vehicles owned by the soletrader. The company has a 31 December year end.Hogwarts Traders: Asset RegisterHogwarts Traders: Vehicle 1DatePurchased:1 May 2015 Date CurrentdepreciationAccumulateddepreciationMake andreg.:Toyota Hilux2014 (FG765GP)31 Dec201521 333.33 21 333.33Purchasedfrom:Benji’s Car Sales(Credit)31 Dec201629 866.67 51 200.00Cost Price: 320 000.00 31 Dec201726 880.00 78 080.00Rate ofDepreciation:10% accordingto reducingbalancemethod.31 Dec201824 192.00 102 272.00Sold to: V. Limited. 31 Dec2019? ?Type of Sale: CashDate sold: 1 July 2019Selling Price: 250 000.00 Hogwarts Traders: Vehicle 2DatePurchased:1 August 2019 Date CurrentdepreciationAccumulateddepreciationMake andreg.:Hyundai Atos2019 (ZV109GP)31 Dec2019? ?Purchasedfrom:HyundaiAuto(Cash)Cost Price: R150 000Rate ofDepreciation:15% accordingto straight linemethod.Sold to:Type of Sale:Date sold:Selling Price: Required:Prepare the following accounts in the general ledger of Hogwarts Traders for thefinancial year ended 31 December 2019 ONLY.Start with the opening balances. Balance the accounts at the end of the month.Ignore VAT.‐ Vehicles‐ Accumulated depreciation: Vehicles‐ Depreciation‐ Asset Disposal‐ Profit/Loss on sale of vehicles.Show all your workings.
The following information was taken from the fixed assets register of Hogwarts
Traders. The vehicles indicated below are the only vehicles owned by the sole
trader. The company has a 31 December year end.
Hogwarts Traders: Asset Register
Hogwarts Traders: Vehicle 1
Date
Purchased:
1 May 2015 Date Current
depreciation
Make and
reg.:
Toyota Hilux
2014 (FG765GP)
31 Dec
2015
21 333.33 21 333.33
Purchased
from:
Benji’s Car Sales
(Credit)
31 Dec
2016
29 866.67 51 200.00
Cost Price: 320 000.00 31 Dec
2017
26 880.00 78 080.00
Rate of
Depreciation:
10% according
to
balance
method
31 Dec
2018
24 192.00 102 272.00
Sold to: V. Limited. 31 Dec
2019
? ?
Type of Sale: Cash
Date sold: 1 July 2019
Selling Price: 250 000.00
Hogwarts Traders: Vehicle 2
Date
Purchased:
1 August 2019 Date Current
depreciation
Accumulated
depreciation
Make and
reg.:
Hyundai Atos
2019 (ZV109GP)
31 Dec
2019
? ?
Purchased
from:
Hyundai
Auto(Cash)
Cost Price: R150 000
Rate of
Depreciation:
15% according
to
method
Sold to:
Type of Sale:
Date sold:
Selling Price:
Required:
Prepare the following accounts in the general ledger of Hogwarts Traders for the
financial year ended 31 December 2019 ONLY.
Start with the opening balances. Balance the accounts at the end of the month.
Ignore VAT.
‐ Vehicles
‐ Accumulated depreciation: Vehicles
‐ Depreciation
‐ Asset Disposal
‐
Show all your workings.
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