A company maintains its non-current assets at cost. Accumulated provision for depreciation accounts are kept for each asset. As at December 2014, the position was as follows: Total Cost To Date Total Depreciation To Date RM RM Machinery 59.950 25,670 Office Furniture 2,860 1,490 The following transactions were made in the year ended 31 December 2015: Purchased machinery RM 2,480 and office furniture RM 320 Sold machinery which had cost RM 2,800 in 2011 for RM 800. Depreciation is charged on a straight line basis at 10 percent on machinery and 5 percent on office furniture. Required: Prepare the asset and accumulated depreciation accounts for the year ending at 31 December 2015. The extract of Statement of Financial Position at that date.

A company maintains its non-current assets at cost. Accumulated provision for depreciation accounts are kept for each asset. As at December 2014, the position was as follows: Total Cost To Date Total Depreciation To Date RM RM Machinery 59.950 25,670 Office Furniture 2,860 1,490 The following transactions were made in the year ended 31 December 2015: Purchased machinery RM 2,480 and office furniture RM 320 Sold machinery which had cost RM 2,800 in 2011 for RM 800. Depreciation is charged on a straight line basis at 10 percent on machinery and 5 percent on office furniture. Required: Prepare the asset and accumulated depreciation accounts for the year ending at 31 December 2015. The extract of Statement of Financial Position at that date.

Name: A company maintains its non-current assets at cost. Accumulated provi
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Description: A company maintains its non-current assets at cost. Accumulated provision fordepreciation accounts are kept for each asset.As at December 2014, the position was as follows:Total Cost To Date Total Depreciation To DateRMRMMachinery59.95025,670Office

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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