1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti. Credit RM Particulars Debit RM Capital 1 February 2019 Vehicles at cost Equipment at cost Purchases and sales 101,430 35,000 80,000 284,680 503,520 Provision for depreciation at 1 February 2019: Vehicles 21,000 35,000 650 Equipment Return inward and return outwards Finance expenses Stock at 1 February 2019 Vehicles expenses Rent, rates and insurance Office expenses Drawings Petty cash Wages and salaries Bad debts 1,340 1,220 25,570 4,930 7,420 21,940 23,550 200 95,370 1,240 83,210 14,880 680,550 680,550 Debtors and creditors 18,950 Cash at bank ТОTAL Additional information as at 31 January 2020: No. Particulars i. Stock valued at Insurance prepaid iii. Goods taken from stock for own use iv. Wages due Provision for doubtful debt required vi. Provision for depreciation is to be provided as follows: RM 29,750 340 i. 420 2,400 620 V. straight line method reducing balance method Vehicles 30% 25% Equipment - Required: a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 January 2020. b) Statement of Financial Position as at 31 January 2020.

1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti. Credit RM Particulars Debit RM Capital 1 February 2019 Vehicles at cost Equipment at cost Purchases and sales 101,430 35,000 80,000 284,680 503,520 Provision for depreciation at 1 February 2019: Vehicles 21,000 35,000 650 Equipment Return inward and return outwards Finance expenses Stock at 1 February 2019 Vehicles expenses Rent, rates and insurance Office expenses Drawings Petty cash Wages and salaries Bad debts 1,340 1,220 25,570 4,930 7,420 21,940 23,550 200 95,370 1,240 83,210 14,880 680,550 680,550 Debtors and creditors 18,950 Cash at bank ТОTAL Additional information as at 31 January 2020: No. Particulars i. Stock valued at Insurance prepaid iii. Goods taken from stock for own use iv. Wages due Provision for doubtful debt required vi. Provision for depreciation is to be provided as follows: RM 29,750 340 i. 420 2,400 620 V. straight line method reducing balance method Vehicles 30% 25% Equipment - Required: a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 January 2020. b) Statement of Financial Position as at 31 January 2020.

Name: 1. At 31 January 2020 the following trial balance was extracted from
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Description: 1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti.ParticularsDebitCreditRMRMCapital 1 February 2019Vehicles at cost101,430Equipment at costPurchases and sales35,00080,000284,680 | 503,520Provision for depreciat

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

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Question

1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti.
Particulars
Debit
Credit
RM
RM
Capital 1 February 2019
Vehicles at cost
101,430
Equipment at cost
Purchases and sales
35,000
80,000
284,680 | 503,520
Provision for depreciation at 1 February 2019:
21,000
35,000
650
Vehicles
Equipment
Return inward and return outwards
1,340
1,220
25,570
Finance expenses
Stock at 1 February 2019
Vehicles expenses
Rent, rates and insurance
Office expenses
Drawings
Petty cash
Wages and salar
Bad debts
Debtors and creditors
4,930
7,420
21,940
23,550
200
95,370
1,240
83,210
14,880
680,550 680,550
18,950
Cash at bank
ТОTAL
Additional information as at 31 January 2020:
No. Particulars
i. Stock valued at
ii. Insurance prepaid
iii. Goods taken from stock for own use
iv. Wages due
Provision for doubtful debt required
vi. Provision for depreciation is to be provided as follows:
RM
29,750
340
420
2,400
620
V.
straight line method
reducing balance method
Vehicles
30%
25%
Equipment
Required:
a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31
January 2020.
b) Statement of Financial Position as at 31 January 2020.

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