ABC Ltd started business on January I 2014, and its financial year end on December 31 each year. It had th following Machinery as at December, 2018. 2014 January 1, bought one machine costing 2015 June 30, bought one machine costing 2015 October 1, bought two machines costing 2 2017 April 1, bought one machine costing 2018 March I bought two machines 13,000 78,000 10,400 cach 52,000 11,700 each The company's policy is to depreciate assets at a rate of 15% per annum using straight line method on a one month ownership basis. Required: prepare the following: a Statement of depreciation accounts; b. Machine account; and e Provision for depreciation account.

ABC Ltd started business on January I 2014, and its financial year end on December 31 each year. It had th following Machinery as at December, 2018. 2014 January 1, bought one machine costing 2015 June 30, bought one machine costing 2015 October 1, bought two machines costing 2 2017 April 1, bought one machine costing 2018 March I bought two machines 13,000 78,000 10,400 cach 52,000 11,700 each The company's policy is to depreciate assets at a rate of 15% per annum using straight line method on a one month ownership basis. Required: prepare the following: a Statement of depreciation accounts; b. Machine account; and e Provision for depreciation account.

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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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

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