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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

  1. 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:

  1. The accounts for each asset as at 31 July 2021.
  2. The accumulated depreciation accounts for each type of assets as at 31 July 2021.
  3. The Statement of Financial Position (extract) as at 31 July 2021.

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