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, thestatement of financial position of Lepat Trading showed the folowing.Statement of Financial Position as at 30 June 2019RMRMNon-Current AssetMachineryAccumulated100,00020,000depreciation80,000Motor vehiclesAccumulated160,00096,000depreciation64,000During the year ended 30 June 2020, machinery worth RM20,000 and motor vehiclesworth RM60,000 were purchased by cheques. The machinery was depreciated at 10%Prepared by: Puan Siti Nor Junita Mohd Radziper annuum using the straight line method and the motor vehicles at 20% per yearusing the reducing balance method.

Depreciation on Machinery bought=Machine value×10%=20000×10%=RM 2,000

Answered: Lepat Trading prepared its account on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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
Motor vehicles
Accumulated
160,000
96,000
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.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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