1. Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December2019, he owned the following non-current asset which had been depreciated on ayearly basis:AssetCost (RM)260,00074,000Accumulated Depreciation (RM)70,00037,200Motor vehiclesFixturesDuring the year ended 31 December 2020, motor vehicles worth RM100,000 andfixtures worth RM13,000 were purchased.The motor vehicles were depreciated at 10 % per annum using the straight-linemethod and the fixtures at 20% per annum using the reducing balance method.devistelRequired:a) Motor vehicles accountb) Fixtures accountc) Accumulated depreciation accounts for each of the non-current assets for theended 31 December 2020d) Statement of Financial Position (extract) as at 31 December 20200010

Name: 1. Mr Hidayat is a sole trade who maintain his non-current asset at c
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: 1. Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December2019, he owned the following non-current asset which had been depreciated on ayearly basis:AssetCost (RM)260,00074,000Accumulated Depreciation (RM)70,00037,200Mo

Accumulated Depreciation is a provision account created to sum the depreciation expense incurred on…

Answered: Required: a) Motor vehícles account b)…

Business

Accounting

Required: a) Motor vehícles account b) Fixtures account c) Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020 08 ebrie

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 21P

See similar textbooks

Similar questions

Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December2019, he owned the following non-current asset which had been depreciated on ayearly basis:Asset Cost (RM) Accumulated Depreciation (RM)Motor vehicles 260,000 70,000Fixtures 74,000 37,200During the year ended 31 December 2020, motor vehicles worth RM100,000 andfixtures worth RM13,000 were purchased.The motor vehicles were depreciated at 10 % per annum using the straight-linemethod and the fixtures at 20% per annum using the reducing balance method.Required:a) Motor vehicles accountb) Fixtures accountc) Accumulated depreciation accounts for each of the non-current assets for theended 31 December 2020d) Statement of Financial Position (extract) as at 31 December 2020
Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Cost (RM) Accumulated Depreciation (RM) Motor vehicles 260,000 70,000 Fixtures 74,000 37,200 During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: a) Motor vehicles account
Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Cost (RM) Accumulated Depreciation (RM) Motor vehicles 260,000 70,000 Fixtures 74,000 37,200 During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: Motor vehicles account Fixtures account Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020 Statement of Financial Position (extract) as at 31 December 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 folowing. Statement of Financial Position as at…
. Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Cost (RM) Accumulated Depreciation (RM) Motor vehicles 260,000 70,000 Fixtures 74,000 37,200 During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: c) Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020
. Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Cost (RM) Accumulated Depreciation (RM) Motor vehicles 260,000 70,000 Fixtures 74,000 37,200 During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: d) Statement of Financial Position (extract) as at 31 December 2020
Mr Hidayat is a sole trade who maintain his non-current asset at On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Cost (RM) Accumulated Depreciation (RM) Motor vehicles 260,000 70,000 Fixtures 74,000 37,200 During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: Motor vehicles account Fixtures account Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020 Statement of Financial Position (extract) as at 31 December 2020
A Ltd owns an owner-occupied asset that is measured using the revaluation model. The asset’scarrying amount at the end of the financial year is R20 000. The fair value of the asset is R27 000.The entity has determined the fair value less costs to sell of the asset as R26 000 and the value inuse as R32 000.Required:Explain how you would calculate the carrying value of the asset and at what value the asset shouldbe presented at in the financial statements.
Sabiha Purchased an Equipment on 1st January 2016 at a cost of OMR 200,000. The equipment has zero residual value and was to be depreciated over a estimated life of 10 years. On 31st December 2019, the asset revalues to fair value of OMR 160,000. Calculate the Revaluation Gain/ (Loss) on the asset?
Nyhiraba Limited purchased an asset on 1st January 2015 for an amount of R5 million. The assethas an economic useful life of 10 years for which the company uses to generate operational income.On 1st July 2018, the asset’s fair value was R3.8 million, and the cost to sell was estimated at R800,000.The asset’s value in use on that date was valued at R2.95 million. Determine whether the asset isimpaired or not under IAS 36. Justify your answer with calculations and an explanation.
Madison Company acquired a depreciable asset at the beginning of Year 1 at a cost of $12 million and 6 years useful life. At December 31, Year 1, Madison gathered the following information related to this asset: Fair value of the asset (net selling price) . . . . . . . . . . . . . . . . . . . . . . . . $7.5 million Sum of future cash ﬂows from use of the asset . . . . . . . . . . . . . . . . . . $10 million Present value of future cash ﬂows from use of the asset . . . . . . . . . . . $8 million Impairment loss of the asset at end of year 1 (if any) Select one:a. IFRS $0 and US GAAP: $ 2 millionb. IFRS $2.5 million and US GAAP $2 millionc. IFRS $2 million and US GAAP $0 million d. IFRS $4 million and US GAAP $0 million
ABC Compant purchased an investment property on July 1, 2016 for P4,200,000. The property had a useful life of 35 years and on December 31, 2021 had a fair valye of P3,000,000. On December 31, 2021, the property was sold for net proceeds of P3,100,000. The entity used the cost model to account for the investment property. How much is the gain (loss) to be recognized for the year ended December 31, 2021 regarding the disposal of the property. a. (540,000) b. 440,000 c. (100,000) d. (440,000)
Concord Corporation owns machinery with a book value of $563000. It is estimated that the machinery will generate future cash flows of $608000. The machinery has a fair value of $425000. Concord should recognize a loss on impairment of?