Stacy purchased 3 Motor Vehicles for her business at a total cost of GH₵60,000 on 1st Jan 2000. On 1st July 2001, Stacy added a new BMW X5 which cost GH₵100,000 to her fleet. The firm’s policy is to write of all Vehicles over 5 years and donate it to charity thereafter With 31st December as year end show for 3 years i.Motor Vehicles Account ii.Accumulated Depreciation Account iii.Depreciation Account Using a) Straight line Method b) Reducing balance method (rate is 25%)
Stacy purchased 3 Motor Vehicles for her business at a total cost of GH₵60,000 on 1st Jan 2000. On 1st July 2001, Stacy added a new BMW X5 which cost GH₵100,000 to her fleet. The firm’s policy is to write of all Vehicles over 5 years and donate it to charity thereafter With 31st December as year end show for 3 years i.Motor Vehicles Account ii.Accumulated Depreciation Account iii.Depreciation Account Using a) Straight line Method b) Reducing balance method (rate is 25%)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Stacy purchased 3 Motor Vehicles for her business at a total cost of GH₵60,000 on 1st Jan 2000. On 1st July 2001, Stacy added a new BMW X5 which cost GH₵100,000 to her fleet.
The firm’s policy is to write of all Vehicles over 5 years and donate it to charity thereafter
With 31st December as year end show for 3 years
i.Motor Vehicles Account
ii.Accumulated
iii.Depreciation Account
Using a)
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