Exercise: Revision. (34 marks; 15 minutes) GRADE 11 HG ACCOUNTING

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Stanley Leonard
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1 Exercise: Revision. (34 marks; 15 minutes) GRADE 11 HG ACCOUNTING Required: Prepare the following accounts in the General Ledger of Quick Snax : 1) Vehicles (7) 2) Accumulated Depreciation on Vehicles (22) 3) Asset Disposal (5) Balance or close all accounts on 30 June 2001 (the financial year end of Quick Snax). Information: 1. Balances on 1 July 2000 Vehicles R Accumulated Depreciation on Vehicles R Sold one of the vehicles, which originally cost R42 000, for R cash on 31 December The accumulated depreciation on this vehicle at 1 July 2000 was R Purchased a new vehicle on 28 February 2001 for R on credit from Musthav Motors. 4. Depreciation is calculated at 20% p.a. according to the reduced balance method. Asset Disposal Exercises learner copy Page 1

2 Exercise Revision. (34 marks; 15 minutes) Answer Sheet. VEHICLES ACCUMULATED DEPRECIATION ON VEHICLES ASSET DISPOSAL CALCULATIONS: Asset Disposal Exercises learner copy Page 2

3 ASSESSMENT WORKSHEET. (42 marks; 19 minutes) ASSET DISPOSAL GRADE 11 ACCOUNTING Required: Prepare the following accounts in the General Ledger of Tuti Fruiti : 1) Vehicles (9) 2) Accumulated Depreciation on Vehicles (25) 3) Asset Disposal (8) Provide for depreciation on the remaining vehicles at year end, 31 May Balance or close all accounts on 31 May Information: 1. Balances on 1 June 2004 Vehicles R Accumulated Depreciation on Vehicles R On 29 September 2004, one of the vehicles, which originally cost R , was sold for R on credit. This vehicle was originally purchased on 1 March Purchased a new vehicle on 1 January 2005 for R on credit from Ronnies Motors. 4. Depreciation is calculated at 10% p.a. on book value. Asset Disposal Exercises learner copy Page 3

4 ASSESSMENT WORKSHEET. (42 marks; 19 minutes) Answer Sheet. Name: VEHICLES ACCUMULATED DEPRECIATION ON VEHICLES ASSET DISPOSAL CALCULATIONS: Asset Disposal Exercises learner copy Page 4

5 TEST. (34 marks; 15 minutes) GRADE 11 HG ACCOUNTING Required: Prepare the following accounts in the General Ledger of Tassel Tailors : 1) Vehicles (7) 2) Accumulated Depreciation on Vehicles (22) 3) Asset Disposal (5) Provide for depreciation on the remaining vehicles at year end, 31 December Balance or close all accounts on 31 December Information: 1. Balances on 1 January 2001 Vehicles R Accumulated Depreciation on Vehicles R On 1 September 2001, one of the vehicles, which originally cost R , was sold for R on credit. The accumulated depreciation on this vehicle at 1 January 2001 was R Purchased a new vehicle on 30 September 2001 for R on credit from Minkley Motors. 4. Depreciation is calculated at 20% p.a. on book value. Asset Disposal Exercises learner copy Page 5

6 TEST. (34 marks; 15 minutes) Answer Sheet. VEHICLES ACCUMULATED DEPRECIATION ON VEHICLES ASSET DISPOSAL CALCULATIONS: Asset Disposal Exercises learner copy Page 6

7 ASSET DISPOSAL TEST. (34 marks; 15 minutes) GRADE 11 ACCOUNTING Required: A) Prepare the following accounts in the General Ledger of Merrie Traders : 1) Equipment (7) 2) Accumulated Depreciation on Equipment (22) 3) Asset Disposal (5) B) Provide for depreciation on the remaining Equipment at year end, 28 February C) Balance or close all accounts on 28 February Information: 1. Balances on 1 March 2007 Equipment R Accumulated Depreciation on Equipment R On 31 May 2007, old equipment, which originally cost R , was sold for R on credit. The accumulated depreciation on this equipment at 1 March 7 was R Merri Traders purchased new equipment on 31 October 2007 for R cash from Super Suppliers. 4. Depreciation is calculated at 10% p.a. on the reduced balance method. Asset Disposal Exercises learner copy Page 7

8 NAME: ASSET DISPOSAL TEST. (34 marks; 15 minutes) GRADE 11 ACCOUNTING EQUIPMENT ACCUMULATED DEPRECIATION ON EQUIPMENT ASSET DISPOSAL CALCULATIONS: Asset Disposal Exercises learner copy Page 8

9 3 TANGIBLE ASSETS Equipment Cost Accumulated Depreciation Carrying Value end of previous yr Movement Additions at cost Disposals at carrying value Depreciation for the year Carrying value end of current yr Cost Accumulated Depreciation Asset Disposal Exercises learner copy Page 9

Fundamentals of Accounting Resources

Fundamentals of Accounting Resources Contents Figure 1 - The Profit and Loss statement example... 2 Figure 2 - Balance sheet example... 3 Figure 3 - Example of a Balance Sheet... 4 Figure 4 - Example of a Profit & Loss Sheet... 5 Figure 5-10