The assets account The provision for depreciation accounts. The profit and loss account extract.
The assets account The provision for depreciation accounts. The profit and loss account extract.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section: Chapter Questions
Problem 2AP
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Question
Kaisa Ltd has a stream of assets and the following were extracted from its books:
1st January, 1990. Bought a motor vehicle costing ¢1,500.
4th April, 1990. Bought plant and machinery costing ¢4,700
10th October, 1992. Bought motor vehicle costing ¢2,300.
2nd December, 1992. Bought Plant and machinery costing ¢8,200
The depreciation policy of the firm is to
You are required to prepare the following accounts:
- The assets account
- The provision for depreciation accounts.
- The
profit and loss account extract.
- The balance sheet extract.
Assuming the company uses:
- The
straight line method to depreciate the motor vehicle.
The
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