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Motor vehicle had previously been depreciated

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1 .During the financial year, the Company had disposed a motor vehicle costing RM100,000for a total sales proceeds of RM75,000.

The motor vehicle had previously been depreciated for RM20,000 per annum for 2 years. Assume straight- line method in computing the depreciation.

State ALL the double entries to record the above transaction. (Disposal of asset)

Answer:

2. Assume the same scenario as above:

But in this case, a new motor vehicle had been purchased costing RM160,000 whilst the motor vehicle in Q1 had been traded-in for RM45,000.

State ALL the double entries to record the above transaction. (Acquisition & disposal of asset)

Answer:

Reference no: EM133205368

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