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Prepare T-accounts

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Reference no: EM133078423

Question - Life Sdn. Bhd. owned two machine at 1 January 2015:

Machine A: purchased on 1 August 2013 for RM60, 000 Machine B: purchased on 1 September 2014 for RM80, 000

Depreciation is charged annually at 20% on cost and on all machines in use at the end of the year.

During the year ended 31 December 2015, the following transactions occurred:

i. 01 June 2015: Machine A broken down and considered to be a write-off by the insurance company which paid RM33, 500 in settlement.

ii. 30 September 2015: Machine C was purchased for RM85, 000.

iii. 31 October 2015: Machine D was purchased for RM88, 000.

Required - Prepare T-accounts (machinery, accumulated depreciation and disposal of assets), recording these transactions for the year ended 31 December 2015 and bring down the balances at 1 January 2016.

Reference no: EM133078423

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