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Homework answers / question archive / Mr Hidayat is a sole trade who maintain his non-current asset at cost
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 b) Fixtures account c) Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020 d) Statement of Financial Position (extract) as at 31 December 2020 2. 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 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%
Prepared by: Puan Siti Nor Junita Mohd Radzi 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: a) Machinery account b) Motor vehicles account c) Accumulated depreciation accounts for machinery and motor vehicles respectively d) Statement of Financial Position (extract) as at 30 June 2020 ?
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