ACBP5122: Hogwarts Traders - The Sole Trader - Accounting Assignment Help

Assignment Task:

Question 1 

The following information was taken from the fixed assets register of Hogwarts Traders. The vehicles indicated below are the only vehicles owned by the sole trader. The company has a 31 December year end. 

Required: 

Prepare the following accounts in the general ledger of Hogwarts Traders for the financial year ended 31 December 2019 ONLY.   

Start with the opening balances. Balance the accounts at the end of the month. Ignore VAT. 

? Vehicles (3½) 

? Accumulated depreciation: Vehicles (9½) 

? Depreciation (2) 

? Asset Disposal (4) 

? Profit/Loss on sale of vehicles. (1) 

Show all your workings. 

Question 2 

On 31 August 2018, Musk Traders purchased a machine on credit for a cost price of R402 500 (including VAT at 15%). Machinery is depreciated over six years according to the straight?line basis and there is no residual value on this machine, as it is highly specialised. Musk Traders has a         30 June year?end. 

Required: 

Calculate the depreciation and accumulated depreciation for 2019 and 2020. Round to the nearest Rand. Show all your workings 

Question 3 

The following pre?adjustment trial balance appeared in the books of Central Perk Furniture Store at the end of their financial year. IGNORE VAT. 

The pre-adjustment trial balance of Central Perk Furniture Store for the year ended 31 March 2020. Fol. Debit (R) Credit (R) 

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