Question 4 Below are the balances available for one of the non-current assets that Mekar Enterprise has, as at 1 April 2021. Balance of the accounts as at 1 April 2021: Machines account RM 240,000 Accumulated depreciation for machines RM 60,000 During the year ended 31 March 2022, there are few transactions related to purchasing and selling off the machineries in the business. Newly purchased machines: A new machine was bought on 1 July 2021 for the cost price of RM 20,000. Another one was bought for RM 10,000 on 31 October 2021. Disposal of old machines: One of the old machines that was purchased on 1 March 2019 for RM 35,000 was sold to Kamarul Trading and received cheque for RM 27,500. This disposal happened on 31 December 2021. Method and basis for depreciation recording: Machineries are to be depreciated on cost at 5% per annum, based on month of ownership. Required to prepare: (a) The accumulated depreciation account for machineries for the year ended 31 January 2022.
Question 4 Below are the balances available for one of the non-current assets that Mekar Enterprise has, as at 1 April 2021. Balance of the accounts as at 1 April 2021: Machines account RM 240,000 Accumulated depreciation for machines RM 60,000 During the year ended 31 March 2022, there are few transactions related to purchasing and selling off the machineries in the business. Newly purchased machines: A new machine was bought on 1 July 2021 for the cost price of RM 20,000. Another one was bought for RM 10,000 on 31 October 2021. Disposal of old machines: One of the old machines that was purchased on 1 March 2019 for RM 35,000 was sold to Kamarul Trading and received cheque for RM 27,500. This disposal happened on 31 December 2021. Method and basis for depreciation recording: Machineries are to be depreciated on cost at 5% per annum, based on month of ownership. Required to prepare: (a) The accumulated depreciation account for machineries for the year ended 31 January 2022.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 55APSA: Problem 2-55A Events and Transactions The accountant for Boatsman Products Inc. received the...
Related questions
Question
Do a only
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning