3. 4.
Equipment, at cost R336 000
Accumulated depreciation on equipment, R257 000
Bought new equipment on credit for R105 000 on 1 November 2006
Paid Urban Technics the following on 28 February 2007
R8 000 for installing a sound system in a vehicle
R3 000 for repairing the air-conditioning system in the vehicle
Traded in a vehicle at Pretoria Motors on 31 December 2006. The trade-in
value offered by Pretoria Motors was R32 000, while the cost of the new
vehicle was R180 000. The balance of R148 000 due to Pretoria Motors will
be paid over the next 6 months
5.
Details of the old vehicle traded in were obtained from the Fixed Assets
Register
FIXED ASSETS REGISTER
Vehicle: Toyota Corolla
Model: 2003
Date bought: 1 May 2003 Date sold: 31 Dec. 2006
Cost price: R144 000
Depreciation written off
28 Feb. 2004 R24 000
28 Feb. 2005 R28 800
28 Feb. 2006 R28 800
R81 600
31 Dec. 2006 ?​