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Tasty Biscuit prepares its financial statements on every 31 December and incurred the following during the year 2019: Additional information: (i) At the beginning 2019,
Tasty Biscuit prepares its financial statements on every 31 December and incurred the following during the year 2019: Additional information: (i) At the beginning 2019, the business decided that a full-year (12-month) depreciation on each of non-current assets regardless of the date of its purchase. All vans and Furniture will be given away for charity purpose to a nearby recycle center owned by the Community Service Center at the end of their respective useful lives. (ii) The non-current assets are to be depreciated as follow: -Van: reducing balance method at 50% per year with useful life of 5 years. - Furniture: straight-line method with useful life of 5 years. Required: (a) Calculate the depreciation at the end of each of FIVE (5) years for the vans and furniture. (13 marks) Note: (i) Present your working only in the table format (ii) Round your answers to nearest RM (b) Prepare the Income Statement (extract) for 2021 and 2022. (6 marks) (c) Prepare the Balance Sheet (extract) for 2021 and 2022. (6 marks) (Total: 25 marks)
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