Question 3 Test Bank: Q1Sep 19 Florence prepares the company year end accounts on 31st December annually. The following transactions occurred during the year 2017: Date of Assets Useful life Percentage Disposal Cost (RM) purchase (year) for Value depreciation (RM) 1-7-2014 Motor Vehicles 10 100,500 1-1-2014 Equipment 142,000 1-1-2014 Labelling 10% 65,000 Machine The company uses: iv) straight line method of depreciation for motor vehicles and equipment. v) reducing balance method for labelling machine with the rate 10% vi) The company implement month to month basis of depreciation. (Depreciation is calculated based on number of month the assets exist in the business) All payments and receipts for the above transactions were made through cheque/bank. You are required to prepare: c) Depreciation schedule for motor vehicles, equipment and labelling machine from year of purchase until 31 December 2017. (10 m) d) Prepare the non current assets section in statement of financial position (5 m)