QUESTION 3 The following were extracted from the books of G6 Enterprise as at 31 December 2015 Non-Current Assets Machin

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Question 3 The Following Were Extracted From The Books Of G6 Enterprise As At 31 December 2015 Non Current Assets Machin 1 (58.64 KiB) Viewed 33 times

QUESTION 3 The following were extracted from the books of G6 Enterprise as at 31 December 2015 Non-Current Assets Machinery Office Equipment Date of Purchase 6 April 2012 18 October 2013 Cost (RM) 360,000 500,000 During the year 2015, G6 Enterprise purchased the following assets. Non-Current Assets Machinery Date of Purchase 20 March 2015 Cost (RM) 68,000 on credit from MZ Machines 20,000 by cheque Office Equipment 7 July 2015 All assets are depreciated in full in the year of purchase. The policy of the company to charge depreciation is as follows: Machinery 20% per annum on cost on yearly basis Office Equipment 10% using reducing balance method on yearly basis For the year ended 31 December 2015, you are required to prepare the: (a) All non-current assets accounts. (8 marks) (b) Accumulated depreciation accounts for both assets. (8 marks) (C) Statement of Financial Position (extract) (9 marks)