A business bought a motor vehicle for 16,800 on 1 January 2023, paying in full immediately by
Question:
A business bought a motor vehicle for £16,800 on 1 January 2023, paying in full immediately by bank transfer. Financial statements are prepared annually to 31 December and depreciation of vehicles is charged at 25% per year under the reducing balance method.
Required:
Prepare the motor vehicles at cost account and the accumulated depreciation account for the first two years of the motor vehicle’s working life.
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2023 Jan 1 Cash at bank Motor Vehicles at cost 1...View the full answer
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Related Book For 
Frank Woods Business Accounting An Introduction To Financial Accounting
ISBN: 9781292365435
15th Edition
Authors: Alan Sangster, Lewis Gordon, Frank Wood
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