balance method while the fixtures were depreciated at 10% per annum using theDepreciation for the sewing machine was at 15% per annum based on the reducing146 FINANCIAL ACCOUNTING FOR NON-ACCOUNTING STUDENTSAssetsDate of PurchaseRM (cost)Sewing machine1/4/XO7,000Fixtures1/8/X1700Sewing machine1/8/X210,000 /straight line method.Depreciation was provided in full in the year of purchase./4/10 -31/1/11z16200For the year.ended 31 March 20X1, 20X2 and 20X3, prepare the following:fay Sewing machine account(6) Fixtures accountfe Accumulated depreciation account – sewing machine(d Accumulated depreciation account - fixturesle Statement of profit or lossStatement of financial position as at these dates ProblemsPuan Rashidah is a sole trader who runs a boutique, R & S Design, in Klang.The following balances were extracted from her statement of financial position asat 31 March 20XO.Non-current AssetsRMSewing machine at cost108,000Fixtures at cost28,000All existing assets were purchased on 1 January 20X0. The following transactionstook place from the year 20XO to 20X2.

Name: balance method while the fixtures were depreciated at 10% per annum u
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Description: balance method while the fixtures were depreciated at 10% per annum using theDepreciation for the sewing machine was at 15% per annum based on the reducing146 FINANCIAL ACCOUNTING FOR NON-ACCOUNTING STUDENTSAssetsDate of PurchaseRM (cost)Sewing mach

Accumulated Depreciation: It is a contra asset account and cumulative depreciation of an asset…

Business

Accounting

Puan Rashidah is a sole trader who runs a boutique, R & S Design, in Klang. The following balances were extracted from her statement of financial position as at 31 March 20XO. Non-current Assets RM Sewing machine at cost 108,000 Fixtures at cost 28,000 M All existing assets were purchased on 1 January 20X0. The following transactions took place from the year 20XO to 20X2.

Puan Rashidah is a sole trader who runs a boutique, R & S Design, in Klang. The following balances were extracted from her statement of financial position as at 31 March 20XO. Non-current Assets RM Sewing machine at cost 108,000 Fixtures at cost 28,000 M All existing assets were purchased on 1 January 20X0. The following transactions took place from the year 20XO to 20X2.

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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