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Plant was purchased on 02 January 2020 for R100 000. The depreciation rate 10%, wear...

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Accounting

Plant was purchased on 02 January 2020 for R100 000. The depreciation rate 10%, wear and tear rate 20% Equipment was purchased on 30 June 2019 for R80000. The depreciation rate 20%,wear and tear rate 25% Land was purchased for R200000 on 1 January 2018 The trade receivable balance as at 31 December 2021 was R35000 Interest receivable as at 31 December 2022 is R10 000 Divideds receivable balance from wholly owned subsidiary at 31 December 2022 for R75 000 R400000 is being claimed for residual damages from the products sold. It seems likely that the company will have to pay for the damages. The damage will be tax deductible. Applicable tax rate for deferred tax purposes should be 28% Land is Not depreciated and allowed by SARS to have any allowances Divideds are not taxable

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