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Accounting Paper 1, November 2024, question 1.1.4

Accounting P1 · Fixed assets and disposal
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Lotus Bay Ltd, financial year ended 29 February 2024. The vehicle traded in on 1 October 2023: Cost price: R300 000 Accumulated depreciation on 1 March 2023: R96 000 Depreciation for the period 1 March 2023 to 30 September 2023: R24 000 Trade-in value allowed by the dealer: R185 000
1.1.45 marks
Calculate the profit or loss on the vehicle that Lotus Bay Ltd traded in on 1 October 2023. Use the information provided.

NSCBased on Nov 2024 · Paper 1 · Q1.1.4

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What examiners found

Trade-ins were muddled in the profit or loss on the sale of a vehicle.

In our words. Source: Department of Basic Education, NSC 2024 Diagnostic Report, Part 1 (Book 1), Q1.1.4.

Updated