FAC1601/1 01t3t2013 ASSfGNMENT 01 -FIRST SEMESTER (continued) Given information for questions 1 and 2 The following balances appeared in the accounting records of Tera Traders at 31 December 2012 the end of the financial vear: Land and buildings at cost (land R700 000; buildings R500 000) Vehicle at cost Equipment at cost Accumulated depreciation: Vehicle Accumulated depreciation: Equipment Additional information Rl 200 000 R 110 000 R 106 000 R 30 900 R 51 000 1. Land and buildings were acquired on 1 February 2012. 2. Document Preview: FAC1601/1 01t3t2013 ASSfGNMENT 01 -FIRST SEMESTER (continued) Given information for questions 1 and 2 The following balances appeared in the accounting records of Tera Traders at 31 December 2012 the end of the financial vear: Land and buildings at cost (land R700 000; buildings R500 000) Vehicle at cost Equipment at cost Accumulated depreciation: Vehicle Accumulated depreciation: Equipment Additional information Rl 200 000 R 110 000 R 106 000 R 30 900 R 51 000 1. Land and buildings were acquired on 1 February 2012. 2. On 30 June 2012, the business purchased a new vehicle at a cost of R65 000. This transaction is still to be recorded in the accounting records of the business. 3. On 31 October 2012, equipment purchased on 30 April 2010 was sold for R2 500 cash. A replacement equipment was purchased at a cost of R33 000 on 1 November 2012. Total depreciation for the year written off on equipment amounted to R1O 474, 4. lt is the accounting policy of Tera Trader to provide depreciation as follows: Vehicles: According to the straight-line method, at20o/o per annum, Equipment: According to the diminishing-balance method, at25% per annum, Buildings: According to the straight-line method, at2% per annum. QUESTION 1 Which one of the following alternatives represents the conrect arnount of accumulated depreciation on equipment on 1 January 2012? 1. R33 673 2. R46 283 3. R46 303 4. R53 156 5. None of the above QUESTION 2 Which one of the following alternatives represents the correct amount that must be disclosed as property, plant and equipment in the statement of financial position of Tera Traders as at 31 December2012? 1. R1 309 433 2. R1 318 600 3. R1 361 433 4. R1 370 600 5. None ofthe above FAC1601/101t3t2013 ASS|GNMENT 01 -FIRST SEMESTER (continued) Given information for questions 3 and 4: Straw and Berry are in a partnership trading as Strawberry Traders with a capital contribution of R100 000 and R125 000 respectively. The financial year end of the partnership is Attachments: acc.pdf