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Answer to Question #79836 in Finance for Like Heron
Question #79836
2)
On the 1st of July 2012 an organisation purchased a vehicle for company use. The price was $60,000 and has a useful life of six years. It was depreciated using the straight line method and the vehicle was traded in for its book value on the 30th of June 2016. Complete the calculations and provide the details in this table.
Ledger account
Accumulated deprecation
Book value
Date
Details
Debit
Credit
Balance
Debit
Credit
Balance
1/7/12
Purchase
30/6/13
Depr’n
30/6/14
Depr’n
30/6/15
Depr’n
30/6/16
Trade in
On the 1st of July 2012 an organisation purchased a vehicle for company use. The price was $60,000 and has a useful life of six years. It was depreciated using the straight line method and the vehicle was traded in for its book value on the 30th of June 2016. Complete the calculations and provide the details in this table.
Ledger account
Accumulated deprecation
Book value
Date
Details
Debit
Credit
Balance
Debit
Credit
Balance
1/7/12
Purchase
30/6/13
Depr’n
30/6/14
Depr’n
30/6/15
Depr’n
30/6/16
Trade in
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