Record prior year asset purchase

| August 31, 2017

Question
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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