Question
McSoo is the owner of Gambang Motorsport Bhd in Pahang. His company owns various types of vehicles, including one 3-ton box truck worth RM35,000 and
- McSoo is the owner of Gambang Motorsport Bhd in Pahang. His company owns various types of vehicles, including one 3-ton box truck worth RM35,000 and a car-carrier lorry worth RM75,000. Both were bought on 10 January 2016. McSoo plans to use the truck for five years and then sell it for RM10,000. He is also going to depreciate the lorry at 20% per annum.
At the end of the accounting year, which is on 31 December, he agreed to depreciate the truck by using the straight line method and lorry by using the reducing balance method.
REQUIRED:
Calculate the depreciation, accumulated depreciation and net book value for both vehicles from 2016 to 2020.
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Auditing And Systems Objective Questions And Explanations Comprehensive And Systematic Covarage Of Auditing Including The Most Recent Authoritative Pronouncements
Authors: Irvin N. Gleim
7th Edition
0917539672, 978-0917539671
