Question 4 Below are the balances available for one of the non-current assets that Mekar Enterprise has, as at 1 April 2021. Balance of the accounts as at 1 April 2021: Machines account RM 240,000 Accumulated depreciation for machines RM 60,000 During the year ended 31 March 2022, there are few transactions related to purchasing and selling off the machineries in the business. Newly purchased machines: A new machine was bought on 1 July 2021 for the cost price of RM 20,000. Another one was bought for RM 10,000 on 31 October 2021. Disposal of old machines: One of the old machines that was purchased on 1 March 2019 for RM 35,000 was sold to Kamarul Trading and received cheque for RM 27,500. This disposal happened on 31 December 2021. Method and basis for depreciation recording: Machineries are to be depreciated on cost at 5% per annum, based on month of ownership. Required to prepare: (a) The accumulated depreciation account for machineries for the year ended 31 January 2022.

Question 4 Below are the balances available for one of the non-current assets that Mekar Enterprise has, as at 1 April 2021. Balance of the accounts as at 1 April 2021: Machines account RM 240,000 Accumulated depreciation for machines RM 60,000 During the year ended 31 March 2022, there are few transactions related to purchasing and selling off the machineries in the business. Newly purchased machines: A new machine was bought on 1 July 2021 for the cost price of RM 20,000. Another one was bought for RM 10,000 on 31 October 2021. Disposal of old machines: One of the old machines that was purchased on 1 March 2019 for RM 35,000 was sold to Kamarul Trading and received cheque for RM 27,500. This disposal happened on 31 December 2021. Method and basis for depreciation recording: Machineries are to be depreciated on cost at 5% per annum, based on month of ownership. Required to prepare: (a) The accumulated depreciation account for machineries for the year ended 31 January 2022.

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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