1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti. Particulars Debit RM Credit RM Capital 1 February 2019 Vehicles at cost Equipment at cost Purchases and sales Provision for depreciation at 1 February 2019: 101,430 35,000 80,000 284,680 503,520 Vehicles 21,000 35,000 Equipment Return inward and return outwards 1,340 650 1,220 25,570 4,930 Finance expenses Stock at 1 February 2019 Vehicles expenses Rent, rates and insurance Office expenses Drawings Petty cash Wages and salaries Bad debts Debtors and creditors Cash at bank 7,420 21,940 23,550 200 95,370 1,240 83,210 14,880 680,550 680,550 18,950 TOTAL Additional information as at 31 January 2020: No. Particulars i. Stock valued at RM 29,750 340 Insurance prepaid Goods taken from stock for own use ii ii iv. 420 Wages due Provision for doubtful debt required Provision for depreciation is to be provided as follows: Vehicles 2,400 V. 620 vi. straight line method reducing balance method 30% 25% Equipment Required: a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 January 2020. b) Statement of Financial Position as at 31 January 2020.
1. At 31 January 2020 the following trial balance was extracted from the books of Yusiti. Particulars Debit RM Credit RM Capital 1 February 2019 Vehicles at cost Equipment at cost Purchases and sales Provision for depreciation at 1 February 2019: 101,430 35,000 80,000 284,680 503,520 Vehicles 21,000 35,000 Equipment Return inward and return outwards 1,340 650 1,220 25,570 4,930 Finance expenses Stock at 1 February 2019 Vehicles expenses Rent, rates and insurance Office expenses Drawings Petty cash Wages and salaries Bad debts Debtors and creditors Cash at bank 7,420 21,940 23,550 200 95,370 1,240 83,210 14,880 680,550 680,550 18,950 TOTAL Additional information as at 31 January 2020: No. Particulars i. Stock valued at RM 29,750 340 Insurance prepaid Goods taken from stock for own use ii ii iv. 420 Wages due Provision for doubtful debt required Provision for depreciation is to be provided as follows: Vehicles 2,400 V. 620 vi. straight line method reducing balance method 30% 25% Equipment Required: a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 January 2020. b) Statement of Financial Position as at 31 January 2020.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 10E: Spreadsheet The following 2019 information is available for Payne Company: Partial additional...
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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