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  3. for (dec 31st 2020) 4 marks 91 question 3 92 a com

for (dec 31st 2020) 4 marks 91 Question 3 92 A company has a vehicle...

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Accounting

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for (dec 31st 2020) 4 marks 91 Question 3 92 A company has a vehicle that cost 22500 93 It has a useful life of 7 years and a residual value of 1500 94 The company uses STRAIGHT LINE depreciation 95 the assets was sold at the end of year 6 3500 96 make the appropriate entry to record the disposal of the asset. 97 98 Date Description Dr Cr 99 100 101 102 103 104 Part B) 105 Fill in the chart and record the disposal of the asset if the company uses DECLINING BALANCE Depreciation 106 107 Year opening balance Deprectiaion expense Acc. To date NBV 108 1 109 2 110 3 111 4 112 5 113 6 114 7 115 Record the disposal of the asset for 3500 at the end of year 6 116 Date Description Dr Cr 117 31-Dec 118 119 120 121 7 marks 1500.00 4 marks

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