Record prior year asset purchase

| October 3, 2018

Q1. You have a
new client who has incomplete financial records. You find that he has a motor
vehicle for use in the business purchased in an earlier year. He has no record
of the purchase or depreciation schedule. You are required to prepare the
journals to record the asset in the balance sheet, depreciation and accumulated
depreciation for the current year. Add any additional ledger accounts required
to complete. (5 marks)

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