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Feng Shui Enterprise is a business with its financial year end on 31 December bought...

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Accounting

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Feng Shui Enterprise is a business with its financial year end on 31 December bought two vans, Van A was bought on 1st of January 2005 for RM 10,000 and Van B was bought on 1st of July 2005 for RM 13,000. The business also bought van Con 1st of August 2006 for RM 14, 000 and Van Don 1st February 2007 for RM 15,000. Van B was sold on 1st of July 2007 for RM3,400. Depreciation is charged base on the straight line method at 10% yearly. Required: a) Draw up van account showing all transactions involving van. (5 marks) b) Prepare provision for depreciation of van account from 2005 until 2008. (10 marks) c) Draw up van disposal account showing the transactions of van write off. (4 marks) (6 marks) d) Describe two causes of asset to depreciate. [Total = 25 marks]

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