The following information was obtained from the records of Zondi Mining (registered VAT vendor) on the last day of the financial year, 31 March 2023: R Land and buildings at cost (opening balance) 1 700 000 Vehicles at cost (opening balance) 840 000 Equipment at cost (opening balance) 400 000 Accumulated depreciation: Vehicles (opening balance) 387 500 Accumulated depreciation: Equipment

Sep 8, 2023

The following information was obtained from the records of Zondi Mining (registered VAT vendor) on the last day of the financial year, 31 March 2023:

R
Land and buildings at cost (opening balance) 1 700 000
Vehicles at cost (opening balance) 840 000
Equipment at cost (opening balance) 400 000
Accumulated depreciation: Vehicles (opening balance) 387 500
Accumulated depreciation: Equipment (opening balance) 76 000

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The following information was obtained from the records of Zondi Mining (registered VAT vendor) on the last day of the financial year, 31 March 2023: R Land and buildings at cost (opening balance) 1 700 000 Vehicles at cost (opening balance) 840 000 Equipment at cost (opening balance) 400 000 Accumulated depreciation: Vehicles (opening balance) 387 500 Accumulated depreciation: Equipment
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Additional information:

1. Vehicles have a residual value of R65 000 and is depreciated over the estimated economic life of 5 years using the straight-line method.

2. Equipment is depreciated at 10% using the reducing balance method.

3. No assets were sold during the financial period.

4. On 1 October 2022, Zondi Mining purchased new drilling equipment for R95 450 (VAT inclusive). The VAT rate is 15%.

Required:

Compile the Property, plant and equipment note for Zondi Mining for the year ended 31 March 2023.

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