1. Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Cost (RM) 260,000 74,000 Accumulated Depreciation (RM) 70,000 37,200 Asset Motor vehicles Fixtures During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: a) Motor vehicles account b) Fixtures account c) Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020

1. Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Cost (RM) 260,000 74,000 Accumulated Depreciation (RM) 70,000 37,200 Asset Motor vehicles Fixtures During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: a) Motor vehicles account b) Fixtures account c) Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 11MCQ

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4. Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December2019, he owned the following non-current asset which had been depreciated on ayearly basis:Asset Cost (RM) Accumulated Depreciation (RM)Motor vehicles 260,000 70,000Fixtures 74,000 37,200During the year ended 31 December 2020, motor vehicles worth RM100,000 andfixtures worth RM13,000 were purchased.The motor vehicles were depreciated at 10 % per annum using the straight-linemethod and the fixtures at 20% per annum using the reducing balance method.Required:a) Motor vehicles accountb) Fixtures accountc) Accumulated depreciation accounts for each of the non-current assets for theended 31 December 2020d) Statement of Financial Position (extract) as at 31 December 2020
1. Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Cost (RM) 260,000 74,000 Accumulated Depreciation (RM) 70,000 37,200 Motor vehicles Fixtures During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. devistel Required: a) Motor vehicles account b) Fixtures account c) Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020 d) Statement of Financial Position (extract) as at 31 December 2020 0010
. Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Cost (RM) Accumulated Depreciation (RM) Motor vehicles 260,000 70,000 Fixtures 74,000 37,200 During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: d) Statement of Financial Position (extract) as at 31 December 2020
. Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Cost (RM) Accumulated Depreciation (RM) Motor vehicles 260,000 70,000 Fixtures 74,000 37,200 During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: c) Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020
Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Cost (RM) Accumulated Depreciation (RM) Motor vehicles 260,000 70,000 Fixtures 74,000 37,200 During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: a) Motor vehicles account
Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Cost (RM) Accumulated Depreciation (RM) Motor vehicles 260,000 70,000 Fixtures 74,000 37,200 During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: Motor vehicles account Fixtures account Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020 Statement of Financial Position (extract) as at 31 December 2020 Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the folowing. Statement of Financial Position as at…
Mr Hidayat is a sole trade who maintain his non-current asset at On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Cost (RM) Accumulated Depreciation (RM) Motor vehicles 260,000 70,000 Fixtures 74,000 37,200 During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: Motor vehicles account Fixtures account Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020 Statement of Financial Position (extract) as at 31 December 2020
Submission date: 11 January 2021 before 12.00pm 1. Mr Hidayat is a sole trade who maintain his non-current asset at cost. On 31 December 2019, he owned the following non-current asset which had been depreciated on a yearly basis: Asset Motor vehicles Fixtures Cost (RM) 260,000 74,000 Accumulated Depreciation (RM) 70,000 37,200 During the year ended 31 December 2020, motor vehicles worth RM100,000 and fixtures worth RM13,000 were purchased. The motor vehicles were depreciated at 10 % per annum using the straight-line method and the fixtures at 20% per annum using the reducing balance method. Required: a) Motor vehicles account b) Fixtures account c) Accumulated depreciation accounts for each of the non-current assets for the ended 31 December 2020 d) Statement of Financial Position (extract) as at 31 December 2020
Ben Company purchased an investment property on January 1, 2020 at a cost of P250.000. The property had a useful life of 20 years and at December 31, 2022, had a fair value of P280.000.On January 1, 2023, the property was sold for net proceeds of P290,000. Ben uses the cost model to account for investment property.What is the gain or loss to be recognized in profit or loss for the year ended December 31,2023 regarding the disposal of the property, according to IAS 40 Investment Property? A. P77,500 gain B. P67,500 gain . C. P30,000gain D. PI 0,000 gain
15. Blue Company sold machinery for $45,000 on December 23, 2021. The machinery had been acquired on April 1, 2019, for $69,000 and its adjusted basis was $34,200. The § 1231 gain, § 1245 recapture gain, and § 1231 loss from this transaction are: a.$0 § 1231 gain, $0 § 1245 recapture gain, $14,800 § 1231 loss. b.$0 § 1231 gain, $10,800 § 1245 recapture gain, $34,200 § 1231 loss. c.$0 § 1231 gain, $34,200 § 1245 recapture gain, $0 § 1231 loss. d.$0 § 1231 gain, $10,800 § 1245 recapture gain, $0 § 1231 loss.
1. E. Adentwi Enterprises Ltd bought a machine for GH₵ 150,000 on 1st January 2019. It depreciates the machine on cost over four years assuming a nil residual value.The company received a grant of GH₵30,000 from the municipal assembly to support the acquisition of the machines. required :Account for this grant under the netting off method. 2. Polycarp Ltd adopts revaluation model for subsequent measurement of its intangible assets in accordance with IAS 38: Intangible assets. The policy of Polycarp is to revalue its intangible asset at the end of each year. An intangible asset with an estimated useful life of 9 years was acquired on 1 January 2018 for GH¢45,000. It was revalued to GH¢54,400 on 31 December 2018 and the revaluation surplus was correctly recognized on that date. As at 31 December 2019, the asset was revalued at GH¢32,000.Required:Discuss the accounting treatment required in 2018 and 2019 financial statements.
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