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Question 3 (36 marks) Titanium Ltd is a company that distributes sport equipment and was incorporated on 1 January 2019 The following information relates Titanium Ltd: Titanium Ltd EXTRACT FROM TRIAL BALANCE ON 01 JANUARY 2020 DEBIT CREDIT NS N$ 1 000 000 420 000 Land and Buildings (at cost) Office equipment (at cost) Accumulated depreciation on office equipment 70 000 Vehicles (at cost) 220 000 49 500 Accumulated depreciation on vehicles Titanium Ltd EXTRACT FROM ACCOUNTING POLICY Property, Plant and Equipment Asset Measuremen Depreciation t model (method) Depreciatio Expected n (write-off residual period) value Not Not applicable applicable None Land & buildings Revaluation Not applicable Office equipment Cost 6 years Straight-line Straight-line Cost 4 years Vehicles 10% of cost Question 3 (36 marks) Titanium Ltd is a company that distributes sport equipment and was incorporated on 1 January 2019 The following information relates Titanium Ltd: Titanium Ltd EXTRACT FROM TRIAL BALANCE ON 01 JANUARY 2020 DEBIT CREDIT N$ N$ 1 000 000 420 000 Land and Buildings (at cost) Office equipment (at cost) Accumulated depreciation on office equipment 70 000 220 000 Vehicles (at cost) 49 500 Accumulated depreciation on vehicles Titanium Ltd EXTRACT FROM ACCOUNTING POLICY Property, Plant and Equipment Asset Land & buildings Measuremen Depreciation Depreciatio Expected t model (method) n (write-off residual period) value Revaluation Not applicable Not Not applicable applicable Cost Straight-line 6 years None Cost Straight-line 10% of cost Office equipment 4 years Vehicles

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