QUESTION 3The following were extracted from the books of G6 Enterprise as at 31December 2015.Non-Current AssetsMachineryOffice EquipmentCost (RM)360,000500,000Date of Purchase6 April 201218 October 2013During the year 2015, G6 Enterprise purchased the following assets.Non-Current AssetsDate of Purchase20 March 2015Cost (RM)68,000 on credit fromMZ Machines20,000 by chequeMachineryOffice Equipment7 July 2015All assets are depreciated in full in the year of purchase. The policy ofthe company to charge depreciation is as follows:MachineryOffice Equipment 10% using reducing balance method on yearly basis20% per annum on cost on yearly basisFor the year ended 31 December 2015, you are required to prepare the:(a)All non-current assets accounts.(b)Accumulated depreciation accounts for both assets.(c)Statement of Financial Position (extract).

Accumulated depreciation is the depreciation which have been a cumulative balance of depreciation…

Answered: (a) All non-current assets accounts.…

(a) All non-current assets accounts. (b) Accumulated depreciation accounts for both assets. (c) Statement of Financial Position (extract).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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