NNOSHI TRADERS Notes to the financial statements for the financial year ended 30 June 20.20 Property, plant, equipment V

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NNOSHI TRADERS
Notes to the financial statements for the financial year
ended 30 June 20.20
Property, plant, equipment
Vehicles
R
Carrying amount:
Beginning of year
94 600
Cost
172 000
Accumulated depreciation
(77 400)
Additions
60 000
Depreciation
(29 738)
Disposals
?
Cost
25 000
Accumulated depreciation
?
Carrying amount:
End of year
Cost
Accumulated depreciation
Additional information
(a) The vehicle that was sold was an old van that
was bought on 1 January 20.17 for R45 000. On 31 March 20.20 the
van was sold for R25 000 cash.
(b) Vehicles are depreciated at 15% per annum on the
straight-line method.
The profit/loss on the sale of the van will be?
A.
A loss on sale of vehicle of R23 062
B.
No profit or loss on sale of vehicle
C.
A profit on sale of vehicle of R1 938
D.
A loss on sale of vehicle of R1 938
E.
A profit on sale of vehicle of R25 000