Question: i need the answer to both 1 and 2 1. In a business with financial years ended 31 December. A machine was bought for P300k

 i need the answer to both 1 and 2 1. In

i need the answer to both 1 and 2

1. In a business with financial years ended 31 December. A machine was bought for P300k on 1 January Year 1. The estimated useful life is 10 years. In Year 5, the machinery has been sold for P20500. Show the accounting entries for each year up to Year 5. You are to show: (a) Machinery account (b) Provision for depreciation (c) Disposal account (d) Profit and loss account and Balance sheet for each year up to 31 Dec Year 5. 2. A company bought a generator set of P120k. Other expenses including installation amount to P3,000. The generator is set to have a 12 years with the salvage value at the end of life of P6000. Determine the depreciation charge during the 10th year and the book value at the end of the gth years by (a)declining balance method, (b)sinking fund method, (c)straight-line method, and (d)SYD method

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!