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Straight line basis of depreciation

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XYZ Ltd has three machines in operation. Machine A was bought on 1st January 20x3 at $250,000 and the other two machines; machine B and machine C were bought on 1st January 20x4 at $ 350,000 and $ 300,000 respectively. The business has a policy to depreciate all non current assets at 15% using straight line basis of depreciation. On 1st July 20x4, XYZ Ltd disposed off the machine bought on 1st January 20x3 for $ 188,000. Assuming that the financial year of XYZ Ltd ends on 31st December.

Prepare the following accounts relating to financial year ending 31st December 20x4 only.

i. Machine Account

ii. Provision for depreciation Account

iii. Disposal Account

Reference no: EM131086189

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