The data below was extracted from the books of Talata Enterprise: Non-Current Assets Date of purchase Machine No. 1 Machine No. 2 Machine No. 3 Machine No. 4 Cost GHC 200,000 350,000 400,000 540,000 01/01/19 30/06/19 01/01/20 01/12/20 Date of disposal 01/10/21 30/06/21 Additional information: i. It is the policy of the company to charge a full year's depreciation on machinery in use by the end of the financial year. ii. Machine 1 and 3 are depreciated at 20% on reducing balance while machine 2 and 4 are depreciated 10% on straight line basis. iii. Accounts are prepared to December 31" each year. iv. Machine 1 and 2 were sold for GHC150,000 and GHC250,000 respectively. You are required to: i. Show the relevant entries to record these transactions for the relevant years.

The data below was extracted from the books of Talata Enterprise: Non-Current Assets Date of purchase Machine No. 1 Machine No. 2 Machine No. 3 Machine No. 4 Cost GHC 200,000 350,000 400,000 540,000 01/01/19 30/06/19 01/01/20 01/12/20 Date of disposal 01/10/21 30/06/21 Additional information: i. It is the policy of the company to charge a full year's depreciation on machinery in use by the end of the financial year. ii. Machine 1 and 3 are depreciated at 20% on reducing balance while machine 2 and 4 are depreciated 10% on straight line basis. iii. Accounts are prepared to December 31" each year. iv. Machine 1 and 2 were sold for GHC150,000 and GHC250,000 respectively. You are required to: i. Show the relevant entries to record these transactions for the relevant years.

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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