QUESTION 2 Ameera's Statement of Financial Position extract as at 31 December 2020 was given as follows: Date of purchase Non-current Cost (RM) Depreciation rate 1.05.2020 asset Furniture 44,000 10% per annum on straight line method 30.8.2020 Motor vehicle 72,000 20% per annum on reducing balance On 3 January 2021, Ameera purchased a new furniture costing RM 20,000 for cash. You are required to prepare: (a) Furniture and motor vehicle accounts. (2 marks) (b) Depreciation and Accumulated Depreciation accounts of each asset for 2020 and 2021. (6 marks)

QUESTION 2 Ameera's Statement of Financial Position extract as at 31 December 2020 was given as follows: Date of purchase Non-current Cost (RM) Depreciation rate 1.05.2020 asset Furniture 44,000 10% per annum on straight line method 30.8.2020 Motor vehicle 72,000 20% per annum on reducing balance On 3 January 2021, Ameera purchased a new furniture costing RM 20,000 for cash. You are required to prepare: (a) Furniture and motor vehicle accounts. (2 marks) (b) Depreciation and Accumulated Depreciation accounts of each asset for 2020 and 2021. (6 marks)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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How much dhould be the revaluation surplus (revaluation loss) on January 1,2020? How much is the Depreciation expense in 2020? how much should be credited (Debited) to Retained Earnings as realization of Revaluation surplus for 2020?