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

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

FINANCIAL ACCOUNTING
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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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
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