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Sure-Reach Services is a growing courier company. It provides services of delivering documents and parcels to all over Malaysia. Due to increase in demand, Sure-Reach Services has decided to purchase additional lorries so as to ensure efficient delivery.
Required:
Problem a. Explain briefly the term Property, plant and equipment in accordance to MFRS 116 Property, Plant and Equipment.
Problem b. Explain whether the purchased lorry fulfils the recognition criteria of Property, plant and equipment in accordance to MFRS 116 Property, Plant and Equipment.
Problem c. Explain TWO (2) factors that should be considered by Sure-Reach Services in determining useful life of an asset.
Problem d. Explain the initial cost of the lorry above to be recognized in theStatement of Financial Position.
Problem e. Calculate the initial cost of the lorry.
Problem f. Calculate the depreciation expense for lorry as at 30 June 2014.
Prepare the journal entries necessary to bring the companys book balance of cash into conformity with the reconciled cash balance as of July 31, 2008.
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