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ONE [25] Fine-Cut Meats (Pty) Ltd purchased a delivery vehicle of R150 000 on 1...

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Accounting

ONE [25] Fine-Cut Meats (Pty) Ltd purchased a delivery vehicle of R150 000 on 1 June 2021 on credit. The owner was advised that the residual value of this truck is estimated at R30 000. The diminishing depreciation method was adopted by the company in utilising assets over five years. On 1 September 2021 the owner replaced equipment. The new equipment amounts to R45 000. The replaced equipment was purchased on 1 January 2018 for R30 000 and sold

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