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QUESTION 5 The following information refers to Great Car Garage. Ignore VAT for this question. The policy of the organisation is to depreciate all equipment at a rate of 10% per annum using the diminishing balance method. Their financial year ends on 31 December 2018. 5.1 Use the extract from the asset register to complete the missing details (indicated with question marks) in the ANSWER BOOK NOTE: Round off to the nearest rand. GREAT CAR GARAGE Asset description: Still cabinets Date purchased: 01 June 2016 Bought from: Barnet Ltd. Cost Price: R15 000 General ledger account: Equipment Depreciation method: 10% diminishing balance method Date sold: Sold to: Depreciation Date 1 June 2016 31 Dec. 2016 31 Dec. 2017 31 Dec. 2018 Cost R15 000 Selling price: Accumulated depreciation Carrying amount R15 000 ? ? ? ? ? ? ? ? (12)
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