i. The Motor Vehicle Account ii. The Provision for Depreciation Account

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Need help.

b. The following are balances brought forward from 31 December 2018 for KC
Deco Center :
RM
RM
Motor Vehicles
100,000
Less :
depreciation
Provision for
(20,000)
80,000
The motor vehicles were depreciated at 15% per annum using reducing balance
method. KC bought a new vehicle on 1 October 2019, cost of the new vehicle
was RM120,000. You are required to prepare the following accounts for financial
year ending 31 December 2019 :
i.
ii.
The Motor Vehicle Account
The Provision for Depreciation Account
Transcribed Image Text:b. The following are balances brought forward from 31 December 2018 for KC Deco Center : RM RM Motor Vehicles 100,000 Less : depreciation Provision for (20,000) 80,000 The motor vehicles were depreciated at 15% per annum using reducing balance method. KC bought a new vehicle on 1 October 2019, cost of the new vehicle was RM120,000. You are required to prepare the following accounts for financial year ending 31 December 2019 : i. ii. The Motor Vehicle Account The Provision for Depreciation Account
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Banking and Financial Services
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education