Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

TO Question 3 Anidaso Company Ltd maintains its Tangible non- current assets at cost. Depreciation provision account is prepared using 25% per annum on straight

image text in transcribed

TO Question 3 Anidaso Company Ltd maintains its Tangible non- current assets at cost. Depreciation provision account is prepared using 25% per annum on straight line method for machinery and for each proportion of the year. The following transactions took place during the year: 2018: 15 January, Bought machinery GH250,000 1st January, Bought machinery GH300,000 2019: 15 October, Bought machinery GH420,000 2020: 13' December, 2020 sold the machinery bought on 1st January 2018 for GH80,000 31sst August, bought a new machine to replace the disposed item for GH600,000 Required: M Prepare i. The machinery account (2018-2020) ii. The provision for depreciation (2018-2020) iii. The disposal account (10 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

2nd edition

978-0132771801, 9780132771580, 132771802, 132771586, 978-0133052152

More Books

Students also viewed these Accounting questions