Question
The following information are extracted from the books of Hazriq's Enterprise for the year ended 31 July 2020. Type of Asset Cost of Asset Net
- The following information are extracted from the books of Hazriq's Enterprise for the year ended 31 July 2020.
Type of Asset | Cost of Asset | Net Book Value as at 31 July 2020 | Method of Depreciation | Rate of depreciation |
Motor vehicle | RM 20,000 | RM 10,500 | Straight Line | 5% |
Office equipment | RM 36,000 | RM 26,244 | Reducing Balance | 10% |
During the year ended 31 July 2021, additional assets purchased were as follows:
Assets | Date of purchase | Cost of purchase |
Motor vehicle | 15 March 2021 | RM 32,000 |
Office equipment | 1 May 2021 | RM 25,000 |
Land | 1 July 2021 | RM 100,000 |
All purchases are made on by cheque except for Land that is bought on credit from Amir. No depreciation is to be provided for Land.
The company's financial year-end is 31st July every year.
Note: Answer are to rounded to the nearest RM.
Required:
- The accounts for each asset as at 31 July 2021.
- The accumulated depreciation accounts for each type of assets as at 31 July 2021.
- The Statement of Financial Position (extract) as at 31 July 2021.
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