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Student number: 216106559 accounting method

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I will use social media like Facebook to reach out to the leaners as they will be able to leave comments after the lesson for questions and for explanations  I will post the video on Facebook and create a Facebook page to interact with the leaners  F acebook page :  www.facebook.com/learnaccounting

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What is an ASSET? Assets are resources controlled by an entity as the results of past events and future economic benefits will be derived  It  is  de-recognition or a removal  of a long-term asset from a  business  financial  records In simple words its when a business sell its assets ,it could be a computer or vehicle or furniture like office desk

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The existing equipment has become  old Vehicles  may have been involved in  accidents Damage  to assets and therefore the business cannot use it  anymore Asset  is  out-of-date When can it be sold At the beginning of the year During the year  At the end of  the  year (draw a timeline of 12 months )

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Sell for  cash–Bank Sell  on credit–Debtors  control Owner  can take the asset for personal  use–Drawings Asset  can be given as a  donation–Donations Vehicle  can be traded  in for  a new one –Creditors  control Asset  can be damaged and an insurance  claim can  be lodged . The  asset can be scrapped.

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Steps  Transaction Account Dr Account  Cr Cost price  Transfer the cost price of the asset Asset  disposal Asset account Depreciation  Calculate the current depreciation(If applicable) Depreciation   Asset disposal Acc  depreciation Calculate the total accumulated depreciation at date of disposal(balance beginning of the year + depreciation up to date of sale as calculated in number step 2). Accumulated  depreciation  Asset disposal Selling price  Sell for cash Sell  on credit Taken by owner donated Bank Debtors control Drawings donations Asset disposal Asset disposal Asset disposal Asset disposal Calculation of profit or loss Transfer profit\loss Transfer  profit Transfer loss Asset  disposal Loss on sale  Profit on sale  Asset disposal

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INFORMATION On  1 March  2020 (beginning  of financial year) G rade 11c   Traders sold a  computer   to  B.Bafanas   for R200  cash The  original price of the  computer was  R300 and the accumulated depreciation amounted to R100 . REQUIRED Record  the disposal of the asset as  follows: Journalize  the  transactions Post  to the General  Ledger

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debit credit Acc depreciation   100 Asset disposal 100 Asset disposal 300 Equipment 300

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STEPS 2  depreciation- R  0  ( no depreciation calculated when sold at the beginning of  year) 3    transfer  acc dep    R100 1    transfer cost           R300 4  sell   cash                R200 5  profit/loss                             Cost      R300                                        less acc . dep .       (R100)                                         book value           R200 sold for(R200)profit/loss                        R  0

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EQUIPMENT
3 600
Mar 1 Asset di
Mar
Mar
Mar
Mar
I
Balance
Asset di
Asset dis
Equipment
b/d
ACCUMULATED DEPRECIATION ON EQUIPMENT
100
MAR 1 Balance
BANK
sal
200
ASSET DISPOSAL
300
300
Mar I Accumulated
depreciation on
ui ment
Bank
300
800
100
200
300
Both totals must be the same

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Information On  1 March  2020 grade 11c sold  an old vehicle on credit to XYZ for R18 000 .   The  cost price  was R36 000 and was purchased on 1 March  2007. Depreciation is calculated at 20% per annum on the diminishing balance method. Accumulated depreciation was R17 568 on 28 February  2020. REQUIRED Record the disposal of the asset as follows: Journalize  the transactions Post  to the General Ledger

Student number: 216106559
accounting method 

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 I will use social media like Facebook to reach out to the leaners as they will be able to leave comments after the lesson for questions and for explanations  I will post the video on Facebook and create a Facebook page to interact with the leaners  F acebook page :  www.facebook.com/learnaccounting

Student number: 216106559 accounting method

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