Show the asset and depreciation accounts

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Reference no: EM131385794

Machinery £16,000, office furniture £460. A machine bought in 2008 for £1,600 was sold for £360 during the year. The rates of depreciation are:

Machinery 20 per cent, office furniture 10 per cent, using the straight line basis, calculated on the assets in existence at the end of each financial year irrespective of the date of purchase.

You are required to show the asset and depreciation accounts for the year ended 31 December 2016 and the statement of financial position entries at that date.

Reference no: EM131385794

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