Palesa Diale is the owner of a bakery called Marotho Bakery in Winterveldt. She operates her business from a building she inherited from her father, the building was bought in 2017 for
R800 000. On 1 May 2020 Palesa decided to extend the business premises to accommodate
the increased number of customers and produced goods, she paid R200 000 to the
construction company.
Palesa's Accountant has been hospitalised for a month, she requested you to prepare a report
on tangible assets. Palesa will be meeting a potential partner on the 30 of April 2021.
REQUIRED
Palesa has requested you to prepare a comprehensive (detailed) report for the financial
year ended on 28 of February 2021. Use the structure provided below to compile your
report.
1.1.1 Report on the calculations for depreciation on the following assets :
Equipment
Vehicles
1.1.2 Use the General Ledger to report on the profit or loss on the asset sold.
1.1.3 Report on the current book value of assets, the note on tangible assets should be
used to reflect detailed information on assets​