Monica Traders Case Study - Accounting and Finance Assignment help

Assignment Task:

QUESTION 1: The following appears in the books of Monica Traders on 1 March 2015: Office equipment 399 420 
Accumulated depreciation: office equipment 180 000 
During the financial year ended 28 February 2016, the following transactions pertaining to office equipment took place: 
• On 1 December 2015, a new coffee machine for use by office staff and personnel was bought for R31 920 cash, including VAT. 
• On 1 September 2015, an old computer, which had been bought on 1 December 2014 for R20 700 (including VAT), was sold for R5 750 cash (including VAT). 

Important additional information: 
• Monica traders is a registered VAT vendor. 
• A standard VAT rate of 15% applies. 
• In accordance with the VAT act, office equipment used for the purposes of staff entertainment are non-allowable items. 
• In accordance with the VAT act, office equipment used for business purposes are standard- rated allowable items. 
• Monica Traders depreciates all their assets at a rate of 33 1/3% according to the reducing balance method. 

Required: 

1.1 Present the following accounts in the general ledger of Monica Traders for the year ended 28 February 2016 to your lecturer. 
• Office equipment (B4) 
• Accumulated depreciation: office equipment (B5) 
• Asset disposal (N16) 
Make use of a marker and white board. Show all your calculations and submit your printed hard  copy to the lecturer. 
 

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