XY Ltd provides for depreciation of its machinery at 20 per cent per annum on cost; it
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XY Ltd provides for depreciation of its machinery at 20 per cent per annum on cost; it charges for a full year in the year of purchase but no provision is made in the year of sale/disposal.
Financial statements are prepared annually to 31 December.
Prepare
(a) The machinery account for the period 1 January 2015 to 31 December 2018.
(b) The accumulated provision for depreciation on machinery account, for the period 1 January 2015bto 31 December 2018.
(c) The disposal of machinery accounts showing the profit/loss on sale for each year.
(d) The statement of financial position extract for machinery at (i) 31 December 2017 and (ii) 31December 2018.
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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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