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Asset Realisation 10 Marks Thuto Limited purchased the following on 1 March...

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Accounting

Asset Realisation
10 Marks
Thuto Limited purchased the following on 1 March 2014:
Machinery at cost price R200000. The machinery had an estimated useful life of 5 years and residual value of R12000. Thuto Limited sold the machinery on 01 September 2016 for R65000.
You are required to:
1.1 Prepare the accumulated depreciation account, properly balanced, in the books of Thuto Limited for the years ended 28 February 2015,2016 and 2017.
(6)
1.2 Prepare the Asset Realisation account, properly balanced, in the books of Thuto Limited for the year ended 28 February 2017 to show the profit or loss on realisation.
(4)
[10]
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