Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

working plz 3) On 1st Jan 2008 Famco transporters Ltd purchased three motor vehicles costing s h.1,080,000 each. The useful life of these motor vehicles

image text in transcribed

working plz

3) On 1st Jan 2008 Famco transporters Ltd purchased three motor vehicles costing s h.1,080,000 each. The useful life of these motor vehicles was estimated to be five ye ars with a disposal value of sh.80,000 for each vehicle. The company's normal purchas e is to use straight line method of depreciation. One of the motor vehicle was damage d in an accident and was sold on 1 Jan. 2010 for sh.450,000. Required: i. Prepare the motor vehicles account ii. Prepare provision for depreciation on motor vehicles account iii. Prepare Motor vehicles disposal account (15 marks) a) Explain three methods of calculating depreciation. (6 marks) 4

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

More Books

Students also viewed these Accounting questions