2012 Kembara Sdn Bhd. bought two trucks, first truck for Rm8000 and second truck for RM6000 and a machine for RM 8000 on 2nd January. Bought at machine costing RM3000 on 1st October 2013 Bought another truck on 2nd June for RM7600. Bought a machine costing RM2100 on 8th November 2015 Sold the first truck for RM3600 on 30th September for the sum of RM810 Bought another machine for RM2000 on 4th May The business depreciate it's machine of the rate of 15% per annum using reducing balance method and 20% per annum for it's truck with straight line basis. From the following details: The financial year end of the business is 31st October. You are required to; a) Record the above transaction; i)the truck account i)the machine account

Q: What are two major types of depreciation?

A: In general terms, depreciation is a decline in the value of long-term tangible assets. In…

Q: explain one method of depreciation

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: The cost of an asset that is subject to depreciation os called?

A: Assets: Assets are those resources that are owned by the business organization which has an economic…

Q: erent methods of calculating depreciation.

A:

Q: Briefly differentiate between the straight-line depreciation method and accelerated depreciation…

A: Depreciation: The depreciation is the expense which is debited to the income statement in the ratio…

Q: What is meant by straight line method if charging depreciation?

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…

Q: How do you figure units-of-production method depreciation?

A: The business entities are required to charge the depreciation expense on their assets so that the…

Q: What is the definition/meaning of Depreciation and Accumulated Depreciation in simple words? Please…

A: Depreciation:-Depreciation refers to the systematic allocation of the cost of a tangible asset over…

Q: Define straight-line depreciation method

A: Depreciation means fall in value of depreciable assets with passage of time. There are many methods…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.