A company starts in business on 1 January 20X3, the financial year end being 31 December. You

Question:

A company starts in business on 1 January 20X3, the financial year end being 31 December.

You are to show:

(a) The machinery account.

(b) The provision for depreciation account.

Depreciation is over ten years, using the straight line method, machines being depreciated for the proportion of the year that they are owned.

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Frank Woods Business Accounting Volume 1

ISBN: 9780273681496

10th Edition

Authors: Frank Wood, Alan Sangster

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Question Posted: Aug 19, 2023 06:09 AM

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A company starts in business on 1 January 20X3, the financial year end being 31 December. You

Question:

20X3 20X4 20X6 1 January 1 July 1 October 1 April 1 machine costing £1,400 2 machines costing £600 each 1 machine costing £1,000 1 machine costing £400

Step by Step Answer:

a Machinery Account Date Particulars Cost Depreciation Value 20X3 Jan 1 To Bank Purchase 140000 1400...View the full answer

Frank Woods Business Accounting Volume 1

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