Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 1 allcan trading has the following non-cu

Question 1 Allcan Trading has the following non-current assets at 31 December 2021. Assets Office...

60.1K

Verified Solution

Question

Accounting

image

Question 1 Allcan Trading has the following non-current assets at 31 December 2021. Assets Office equipment Office equipment Cost (RM) 240,000 360,000 Purchase Date 1 September 2020 30 April 2021 Depreciation (per annum) Reducing balance 10% Reducing balance 10% On 1 June 2021, the equipment which was purchased in the year 2020 was traded-in with a new equipment costs RM180,000. Assuming financial year ends at 31 December and the computation of depreciation is based on monthly basis. Required: Prepare the following accounts of the office equipment: a) Office equipment account. b) Depreciation account. c) Accumulated depreciation account. d) Disposal account. (5 marks) (3 marks) (2 marks) (4 marks)

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