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 Equipment at cost Purchases and sales Provision for depreciation at 1 February 2019: 101,430 35,000 80,000 284,680 503,520 Vehicles Equipment 21,000 35,000 650 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 Debtors and creditors Cash at bank 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 18,950 TOTAL 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 v. Provision for doubtful debt required vi. Provision for depreciation is to be provided as follows: RM 29,750 340 420 2,400 620 Vehicles - straight line method Equipment reducing balance method 30% 25%

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 Equipment at cost Purchases and sales Provision for depreciation at 1 February 2019: 101,430 35,000 80,000 284,680 503,520 Vehicles Equipment 21,000 35,000 650 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 Debtors and creditors Cash at bank 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 18,950 TOTAL 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 v. Provision for doubtful debt required vi. Provision for depreciation is to be provided as follows: RM 29,750 340 420 2,400 620 Vehicles - straight line method Equipment reducing balance method 30% 25%

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 costEquipment at costPurchases and salesProvision for depreciation at 1 February 2019:101,43035,000

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
Equipment at cost
Purchases and sales
Provision for depreciation at 1 February 2019:
101,430
35,000
80,000
284,680 503,520
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
Debtors and creditors
Cash at bank
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
18,950
TOTAL
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
v. Provision for doubtful debt required
vi. Provision for depreciation is to be provided as follows:
RM
29,750
340
420
2,400
620
- straight line method
Equipment - reducing balance method
Vehicles
30%
25%

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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