27.1 A company starts in business on 1 January 20X5. You are to write up the vans account and the provision for depreciation account for the year ended 31 December 20X5 from the information given below. Depreciation is at the rate of 25 per cent per annum, using the basis that one com- plete month's ownership needs one month's depreciation. 20x5 Bought two vans for 6,900 each on 1 January Bought one van for 7,200 on 1 August