Following information were extracted from Excel Furniture Supplies for the year ending 31 December 2019. Motor...

 

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Following information were extracted from Excel Furniture Supplies for the year ending 31 December 2019. Motor vehicles (at cost) RM50,000 Fixtures and fittings (at cost) RM12,000 Accumulated depreciation for motor vehicles RM20,000 • Accumulated depreciation for fixtures and fittings RM2,400 Additional information: 1) Depreciation for motor vehicles is using straight line method of 20% 2) Depreciation for fixtures and fittings is using reducing balance method of 5% You are required to: a) Show depreciation calculations for both motor vehicles and fixtures and fittings for the year ending 31 December 2019 and 31 December 2020. b) Based on the above, record the transactions showing the depreciation and accumulated depreciation in general journal (without narration) as at 31 Dec 2019 and 31 December 2020. c) Show the recording (extract) in Statement of Profit or Loss for the year ending 31 December 2019 and 31 December 2020 (refer to slide notes format). d) Show the recording (extract) in Statement of Financial Position (refer to slide notes format). Following information were extracted from Excel Furniture Supplies for the year ending 31 December 2019. Motor vehicles (at cost) RM50,000 Fixtures and fittings (at cost) RM12,000 Accumulated depreciation for motor vehicles RM20,000 • Accumulated depreciation for fixtures and fittings RM2,400 Additional information: 1) Depreciation for motor vehicles is using straight line method of 20% 2) Depreciation for fixtures and fittings is using reducing balance method of 5% You are required to: a) Show depreciation calculations for both motor vehicles and fixtures and fittings for the year ending 31 December 2019 and 31 December 2020. b) Based on the above, record the transactions showing the depreciation and accumulated depreciation in general journal (without narration) as at 31 Dec 2019 and 31 December 2020. c) Show the recording (extract) in Statement of Profit or Loss for the year ending 31 December 2019 and 31 December 2020 (refer to slide notes format). d) Show the recording (extract) in Statement of Financial Position (refer to slide notes format).

Answer rating: 100% (QA)

a Depreciation for motor vehicles for 2019 Depreciation expense Cost of motor vehicle Accumulated de... View the full answer