Nananom enterprise purchased 3 Motor Vehicles for their business operations at a cost of GHS 50,000 each on January 1, 2016. On July 1, 2017, they added a new BMW X5 which cost GHS 100,000 to the fleet. On June 30, 2018, one of the vehicles purchased in 2016 was disposed for GHS 19,200. On October 1, the same year, another vehicle was acquired for GHS 120,000on credit from Silver Star Auto Limited to replace the disposed vehicle.

Depreciation is charged at 20% on cost and on one-month ownership basis. The financial year ends on December 31.

Required to prepare:

1. Motor Vehicles Account (2016-2019) (10 marks)
2. Provision for depreciation Account (2016-2019) (10 marks)
3. Disposal account (2018) (5 marks)
4. Extract of Statement of profit or loss account (2018 and 2019) (5 marks)
5. Extract of Statement of financial position. (2018 and 2019) (6 marks)