Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the following Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery 100,000 Accumulated depreciation 20,000 80,000 Motor vehicles 160,000 Accumulated depreciation 96,000 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10% per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: Machinery account Motor vehicles account Accumulated depreciation accounts for machinery and motor vehicles respectively Statement of Financial Position (extract) as at 30 June 2020
Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the following Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery 100,000 Accumulated depreciation 20,000 80,000 Motor vehicles 160,000 Accumulated depreciation 96,000 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10% per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: Machinery account Motor vehicles account Accumulated depreciation accounts for machinery and motor vehicles respectively Statement of Financial Position (extract) as at 30 June 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
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 9P: During 2019, Ryel Companys controller asked you to prepare correcting journal entries for the...
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- Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the
statement of financial position of Lepat Trading showed the following
|
Statement of Financial Position as at 30 June 2019 |
||
|
|
RM |
RM |
|
Non-Current Asset |
|
|
|
Machinery |
100,000 |
|
|
|
20,000 |
|
|
|
|
80,000 |
|
Motor vehicles |
160,000 |
|
|
Accumulated depreciation |
96,000 |
|
|
|
|
64,000 |
During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was
per annuum using the
Required:
Show the following for the year 2020:
- Machinery account
- Motor vehicles account
- Accumulated depreciation accounts for machinery and motor vehicles respectively
- Statement of Financial Position (extract) as at 30 June 2020
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