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Jalaram Mill bought a machinery on 1 October 2017 for RM150,000 paid by internet transfer. It was the policy of the business to depreciate non-current assets on 31 December every year, at the rate of 10% per annum under the reducing balance method on full year basis. On 10 July 2019, additional machine was purchased for RM320,000 paid by cheque.
Required:
Question 1: Show extracts of the following for years 2017, 2018 and 2019:
(i) Statement of profit or loss (extract)
(ii) The non-current assets section of the statement of financial position
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