80.2K

Verified Solution

Link Copied!

Ice task 3 2023: COMPLETE THE QUESTIONS BELOW. You will need the completed worksheet to answer some of the questions on the test on VC Learn. Once completed log on to VC Learn to complete the ice task. There will also be other random questions on LU3 in the online Ice task. Own work is required, and a 40% pass rate must be obtained to be awarded the ice task. Please therefore revise LU3 before attempting the task. Question 1 Hatfield Manufactuers, a registered VAT vendor, bought machinery for R586 500 (including VAT) on 1 October 2021. Machinery is depreciated at 15% per year according to the reducing balance method. The financial year end of Hatfield Manufacturers is 30 April each year. Vat of 15% applies to all transactions. Required: Calculate the cost price, depreciation, accumulated depreciation, and carrying (10) value of the new machinery for each of the following financial year ends: 30 April 2022 30 April 2023 Complete the table provided in your answer book. Round answers to the nearest rand where applicable. O O Year ending 30 April 2022 Year ending 30 April 2023 Dr Date 2023 Feb 28 Details A Cost price I A E Depreciation Accumulated Depreciation GJ Question 2: Fill in the missing information in the Asset disposal account below: UpTown Enterprises is a registered vat vendor. Uptown Enterprises purchased Machinery on 1 June 2021 for R45 885 inclusive of vat. This machinery was sold on 1 December 2022 for R40 250s cash. Machinery is depreciated at 20% on cost. Vat of 15% applies to all transactions. The financial year end is 28 February 2023. (Round all answers to the nearest rand) Amounts include Vat unless stated otherwise. Fol. Amount B B H F G C Date G General Ledger 2023 Feb 28 Feb 28 Asset Disposal Carrying value at the end of the year Details C D H E Fol. GJ CB R CR Amount D F G

Ice task 32023 : COMPLETE THE QUESTIONS BELOW. You will need the completed worksheet to answer some of the questions on the test on VC Learn. Once completed log on to VC Learn to complete the ice task. There will also be other random questions on L3 in the online kce tak Own work is required, and a 40% pass rate must be obtained to be awarded the ice task. Please therefore revise LU3 before attempting the task. Question 1 Hatfield Manufactuers, a registered VAT vendor, bought machinery for R586 500 (including VAT) on 1 October 2021. Machinery is depreciated at 15% per year according to the reducing balance method. The financial year end of Hatfield Manufacturers is 30 April each year. Vat of 15% applies to all transactions. Required: Calculate the cost price, depreciation, accumulated depreciation, and carrying (10) value of the new machinery for each of the following financial vear ends: - 30 April 2022 - 30 April 2023 Complete the table provided in your answer book. Round answers to the nearest rand where applicable. Question 2: Fill in the missing information in the Asset disposal account below: UpTown Enterprises is a registered vat vendor. Uptown Enterprises purchased Machinery on 1 June 2021 for R45 885 inclusive of vat. This machinery was sold on 1 December 2022 for R40 250 s cash. Machinery is depreciated at 20\% on cost. Vat of 15% applies to all transactions. The financial year end is 28 february 2023. (Round all answers to the nearest rand) Amounts include Vat unless stated otherwise

Answer & Explanation Solved by verified expert

See Answer