Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a business firm purchased two machines on 1st janu

A business firm purchased two machines on 1st January 2017 at a cost of Sh1,500,000...

70.2K

Verified Solution

Question

Accounting

A business firm purchased two machines on 1st January 2017 at a cost of Sh1,500,000 each. Each machine had an estimated useful life of five years and a nil residual value. The straight line method of depreciation is used. On 31st March 2019, one machine was sold for Sh.800,000. The second machine was sold on 1st December 2019 for Sh.250,000. Required: Machinery account (3 marks) Provision for depreciation account for machinery (3 marks) Disposal of machinery account.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Given a family with three children find the probability of each event in exercises 15...

Medical Sciences
1.2K views

Compare the effect of ANP to aldosterone with respect to what nephron cells are stimulated to...

General Management
1.2K views

Is an admission to an ICF/IID facility permanent? Why or why not? How did the U.S. Supreme...

Biology
1.2K views

All of the statements below about epigenetics are correct EXCEPT choose the incorrect statement O...

Physics
1.2K views

Potentiometer can be used to measure emf of any cell more effectively than voltmeter because...

Algebra
1.2K views

9. Let V be the vector space of all functions f: R R. (Note that...

Accounting
1.2K views

Problem 5. (20points) An electronics company is trying to determine to which new...

Accounting
1.2K views

A company had net sales of $547,000 and cost of goods sold of $346,000. Its...

Accounting
1.2K views

Explain to your newest business partner when a business needs to allocate the transaction price...

Accounting
1.2K views

How to calcutate adjustment for production-volume variance? And how do you identify if it's favorable...

Accounting
1.2K views

Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Administrative expenses Rent Actual cars washed Revenue...

Finance
1.2K views

Today is 1 July 2021. Joan has a portfolio which consists of two different types...