Q.
The following information on assets was extracted from the Financial Statement of Texan Sdn Bhd on 1st August, 2013.
Assets ------------------Cost (RM) -------------Accumulated Depreciation (RM)
Vehicle ---------------- 239,000 ----------------------99,500
Office Equipment ----100,000 -----------------------30,000
A new vehicle priced at RM54,000 was bought form Lancang & Company Sdn Bhd on 10th September, 2013. Payment will be made in the coming accounting year. To improve the delivery business, two (2) motorcycles priced at RM10,000 each were bought and paid by cash on 5th April, 2014.
On 1st July, 2014 five (5) computers were bought from Computer Technology XS Sdn Bhd and the total payment of RM45,000 has been settled by cheque.
Company depreciation policy stated that full depreciation is calculated in the year of purchase and no depreciation in the year of sales. Depreciation rate for vehicle is 15% a year and 10% a year for office equipment. The method used for both assets is Straight Line Method.
Prepare on 31st July, 2014:
i) The vehicle account
ii) The office equipment account
iii) The Income Statement (extract)
iv) The Accumulated Depreciation for vehicle
v) The Accumulated Depreciation for office equipment
(20 marks, 2014 Q3)
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