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Summary Asset Disposal - Grade 12 IEB Accounting R50,00   Add to cart
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Summary Asset Disposal - Grade 12 IEB Accounting

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Covers the various sections relating to Asset Disposal, as per the IEB Accounting SAG. Includes notes from the textbook, as well as additional class, video and research information. Applicable to all IEB Grade 12s. Written by a 90% < student.

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  • No
  • Asset disposal
  • February 6, 2021
  • 7
  • 2020/2021
  • Summary

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By: Theresapoala • 3 year ago

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By: gerritcleroux • 3 year ago

Spelling and unwilling to fix it before final exams in November to where I do not need the notes for afterwards.

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Asset Disposal
Depreciation
= Imputed expense

Type 1: Fixed instalment
𝑝𝑒𝑟𝑐𝑒𝑛𝑡𝑎𝑔𝑒 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑚𝑜𝑛𝑡ℎ𝑠
Cost price x x
100 12

Type 2: Diminishing balance
𝑝𝑒𝑟𝑐𝑒𝑛𝑡𝑎𝑔𝑒 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑚𝑜𝑛𝑡ℎ𝑠
(Cost price – accumulated depreciation) x x
100 12

An asset cannot depreciate to 0.
Must be the value of at least R1 to show that you still own it.

Accumulated depreciation
= Negative asset

Why a business would sell fixed assets:
- It has become obsolete
- It has reached the end of its useful life

, General ledger account balances:

+ Accumulated depreciation -
Date Date Balance b/d Value




+ Depreciation -
Date Balance b/d Value




+ Asset (Vehicles or equipment) -
Date Balance b/d Value




When dealing with fixed assets:
1. Disposal: Asset that you are disposing
- Accumulated depreciation from date of purchase to start of year.
- Depreciation from the start of the year to dale.
2. Old: Assets that you are keeping
= Current year’s depreciation
3. New: Assets that you bought
= Current year’s depreciation

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