2. Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the folowing. Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery Accumulated 100,000 20,000 depreciation 80,000 160,000 96.000 Motor vehicles Accumulated depreciation 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10% Prepared by: Puan Siti Nor Junita Mohd Radzi per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: a) Machinery account b) Motor vehicles account c) Accumulated depreciation accounts for machinery and motor vehicles respectively d) Statement of Financial Position (extract) as at 30 June 2020

2. Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the folowing. Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery Accumulated 100,000 20,000 depreciation 80,000 160,000 96.000 Motor vehicles Accumulated depreciation 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10% Prepared by: Puan Siti Nor Junita Mohd Radzi per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: a) Machinery account b) Motor vehicles account c) Accumulated depreciation accounts for machinery and motor vehicles respectively d) Statement of Financial Position (extract) as at 30 June 2020

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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