A company maintains its fixed assets at cost. Depreciation provision accounts, one for each type of asset, are in use. Machinery is to be depreciated at the rate of 15% per annum, and furniture at the rate of 5% per annum, using the reducing balance method. Depreciation is to be calculated on assets in existence at the end of each year, giving a full years depreciation even though the asset was bought part of the way through the year. The following transactions in assets have taken place:

2015 Jan 1 Bought machinery RM2,800, furniture RM290. Jul 1 Bought furniture RM620. 2016 Oct 1 Bought machinery RM3,500. Dec 1 Bought furniture RM130.

Prepare: (a) The machinery account and the furniture account (b) The two separate provision for depreciation accounts. (c) The fixed assets section of the balance sheet at the end of each year, for the years ended 2015 and 2016.

Please explain each step which you answered. Thank you!