At I January Year 5, Zaman Bhd. owned the following assets and had made provisionfor depreciation as follows:3.Cost price(RM)83,200Provision forDepreciation (RM)24,230Motor Vehicles (acquired within the previous 5 years)Handling Equipment (acquired within the previous 4years)18,6009,600In the year ended 31 December Year 5, a further motor vehicle costing RM6,500 andadditional handling equipment costing RM1,800 were purchased.6500 -O981= 940129 During the year ended 31 December Year 6, a motor vehicle originally purchased forRM5,500 in Year 2 was sold for RM800, and handling equipment costing RM2,000 inVear 3 was sold for RM600Zamasiman' basis of depreciation is as follows:Motor Vehicles- at 20% per annum by the straight line methodHandling Equipment- at 25% per annum by the straight line methodA full year's depreciation is provided in the year of acquisition of the asset. It is thecompany's practice not to provide the usual depreciation in the year of disposal of anyasset but to make the adjustment through the Disposal of Assets Account.Required:Show the following accounts for the two years ending 31 December Year 5 and 3December Year 6 respectively:а).Motor Vehicles Account;b).Handling Equipment Account;с).Provision for Depreciation of Motor Vehicles Account;d).Provision for Depreciation of Handling Equipment Account;f). Disposal of Handling Equipment Account.Maziah Zin started her business on 1 July 2017. On the same day, she puyear lease on premises for RM300,000 and machinery for RM90,000. Mathat her financial year would end on 31 December each year.She also decided that depreciation at a rate of 10% per annum on the orimachinery should be written off together with an appropriate amoureaschold premises.

Name: At I January Year 5, Zaman Bhd. owned the following assets and had ma
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Description: At I January Year 5, Zaman Bhd. owned the following assets and had made provisionfor depreciation as follows:3.Cost price(RM)83,200Provision forDepreciation (RM)24,230Motor Vehicles (acquired within the previous 5 years)Handling Equipment (acquired

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During the year ended 31 December Year 6, a motor vehicle originally purchased for RM5,500 in Year 2 was sold for RM800, and handling equipment costing RM2,000 in Year 3 was sold for RM600, Zamasiman' basis of depreciation is as follows: at 20% per annum by the straight line method 22 Motor Vehicles Handling Equipment at 25% per annum by the straight line method A full year's depreciation is provided in the year of acquisition of the asset. It is company's practice not to provide the usual depreciation in the year of disposal of asset but to make the adjustment through the Disposal of Assets Account. Required: Show the following accounts for the two years ending 31 December Year 5 an December Year 6 respectively: а). Motor Vehicles Account; b). Handling Equipment Account; c). Provision for Depreciation of Motor Vehicles Account; d). Provision for Depreciation of Handling Equipment Account; ). Disposal of Handling Equipment Account.

During the year ended 31 December Year 6, a motor vehicle originally purchased for RM5,500 in Year 2 was sold for RM800, and handling equipment costing RM2,000 in Year 3 was sold for RM600, Zamasiman' basis of depreciation is as follows: at 20% per annum by the straight line method 22 Motor Vehicles Handling Equipment at 25% per annum by the straight line method A full year's depreciation is provided in the year of acquisition of the asset. It is company's practice not to provide the usual depreciation in the year of disposal of asset but to make the adjustment through the Disposal of Assets Account. Required: Show the following accounts for the two years ending 31 December Year 5 an December Year 6 respectively: а). Motor Vehicles Account; b). Handling Equipment Account; c). Provision for Depreciation of Motor Vehicles Account; d). Provision for Depreciation of Handling Equipment Account; ). Disposal of Handling Equipment 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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