Question $13$

ABC Ltd started business on $1/1/14,$ and its financial year ends on $31$ December each year. It had the following Machinery as at December $2018.$

$GH{1}^{}$

$2015$ June $30,$ bought one machine costing $480,000$

$2015$ October $1,$ bought two machines costing $540,000$ each

$2017$ April $1,$ bought one machine costing $620,000$

$2017$ July $1,$ disposed the machine bought in $2014$ for $125,000$

$2018$ March $1,$ bought two machines costing $850,000$ each

$12$

The company's policy is to depreciate assets at a rate of $20\%$ per annum on a straight line basis proportionate to the date of purchase.

Required: Prepare:

a$)$ The assets accounts $(2015-2018)$

b$)$ Provision for depreciation account $(2015-2018)$

c$)$ Disposal account