WebAug 24, 2024 · Carrying value = R 10 000. Depreciation is calculated at 20% on Cost price. Additional depreciation: 100 000 × 20% = R20 000. The carrying value is already R10 000 and that means that depreciation can only be R10 000. A fixed asset cannot be depreciated less than the cost price of the vehicle. (And not R9 999!) http://www.accountingstudents.weebly.com/uploads/6/4/9/4/6494232/asset_disposal.pdf
Fixed Assets VAT Grade 11 & 12 Activities
WebASSET DISPOSAL 4 STEPS FOR ASSET DISPOSAL C A S P 1. Transfer the cost of the asset being sold to the asset disposal account. Dr Asset disposal Cr the “’asset” account e.g. Vehicles 2. Transfer the total of the accumulated depreciation, to date of sale, of the asset being sold, to the asset disposal account. WebFixed assets provide the firm with long term financial gain as they have a useful life of more than one year. Fixed assets are also known as capital assets and are denoted by the term Property, Plant and Equipment in the balance sheet. Fixed assets cannot be easily converted into cash. Significance of Fixed Assets noughty bodycare
FIXED ASSETS GRADE 12 NOTES - ACCOUNTING STUDY …
WebMEMORANDUM ACCOUNTING GRADE 11 QUESTION 2 2.1 Briefly explain the purpose of the fixed assets register. State TWO points. Any 2 It is a register of all the fixed assets in the business and it is used to verify physical stock of fixed assets on hand. It is an internal control process that assists in safeguarding the fixed assets of the business. WebIn Grade 11… Fully depreciated assets Asset disposal Calculations and Disclosure Baseline 1 Depreciation… Business policyto show the reduced value each year. Consider the useful life /residual value Fixed Assets ( except Land and Buildings ) lose value due to usage (wear and tear) TWO methods Straight line / Fixed Instalment % of Cost WebFeb 24, 2024 · P.T.O. ACCOUNTING GRADE 11 G The account for water and electricity for February 2016 from the city council, R1 200, was not paid. H Insurance included a premium of R1 320 paid for the period 1 October 2015 to 30 September 2016. I Write off further bad debts of R560. J Provision for bad debts must be adjusted to R1 800. how to shut down someone else\u0027s computer