A motor vehicle which cost 12,000 was bought on credit from Trucks Ltd on 1 January 2013.
Question:
A motor vehicle which cost £12,000 was bought on credit from Trucks Ltd on 1 January 2013. Financial statements are prepared annually to 31 December and depreciation of vehicles is provided at 25 per cent per annum under the reducing balance method.
Required:
Prepare the motor vehicle account and the accumulated provision for depreciation on motor vehicles account for the first two years of the motor vehicle's working life.
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Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9781292084664
13th Edition
Authors: Alan Sangster, Frank Wood
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