QUESTION 3 Henry Wong, a trader, whose financial year ends on 31 December, purchased the following property, plant and equipment and paid by cheque: 1 January 2014 office furniture RM22,500 1 March 2015 motor vehicle RM32,000 Henry Wong's depreciation policy is as follows: Office furniture -10% per annum using the straight-line method. Motor vehicle - 25% per annum using the reducing (diminishing) balance method. A full year's depreciation is charged in each year regardless of the date of purchase or sale. On the 31 December 2016, Henry Wong sold the motor vehicle and received a cheque for RM16,000.

QUESTION 3 Henry Wong, a trader, whose financial year ends on 31 December, purchased the following property, plant and equipment and paid by cheque: 1 January 2014 office furniture RM22,500 1 March 2015 motor vehicle RM32,000 Henry Wong's depreciation policy is as follows: Office furniture -10% per annum using the straight-line method. Motor vehicle - 25% per annum using the reducing (diminishing) balance method. A full year's depreciation is charged in each year regardless of the date of purchase or sale. On the 31 December 2016, Henry Wong sold the motor vehicle and received a cheque for RM16,000.

Name: QUESTION 3Henry Wong, a trader, whose financial year ends on 31 Decem
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Description: QUESTION 3Henry Wong, a trader, whose financial year ends on 31 December, purchased the following property,plant and equipment and paid by cheque:1 January 2014 office furniture RM22,5001 March 2015 motor vehicle RM32,000Henry Wong's depreciation po

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.9E: Working Backward: Depreciation Polk Corp. purchased new store fixtures for $55,000 on January 31,...

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