On 1 January 2020, ABX Private Limited bought a machine for RM95,200 on credit from...
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Accounting
On 1 January 2020, ABX Private Limited bought a machine for RM95,200 on credit from Telcom Private Limited. The machine was expected to be used for 10 years using the straight line method with no scrap value. On 10 January 2022, the machine was sold for RM55,500 cash. Ignore depreciation in the year of sale.
Required: Prepare the following accounts for the year ended 31 July 2022: a) Machine. (2 marks) b) Accumulated depreciation machine. (3 marks) c) Machine disposal. (5 marks)
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