Record the vehicle as it would appear in the asset register, Financial Accounting

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Record the vehicle as it would appear in the asset register

Problem

Poppy Traders owns the following assets on 31 December 2021: 1. Ford EcoSport- CS 23 TM GP: Purchased on 30/6/2019 for R250 000. 2. Packaging machine: Purchased on 1/4/2020 for R300 000. Poppy Traders writes off depreciation as follows:

1) Vehicles at 20% per annum using the diminishing balance method.

2) Machinery at 25% per annum using the straight-line method.

Task

• Record the vehicle as it would appear in the asset register on 31 December 2021.

• Record the packaging machine as it would appear in the asset register at 31 December 2021.

• Prepare the depreciation ledger account for the period 30 June 2019 to December 2021.

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Financial Accounting: Record the vehicle as it would appear in the asset register

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Financial Accounting: Record the vehicle as it would appear in the asset register

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