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Business Raport

In: Business and Management

Submitted By sanderakk93
Words 265
Pages 2
(a) Prepare the following in respect of the year ended 31 December 2011 (i) The motor vehicles account; (ii) The provision for depreciation of motor vehicles account; (iii) The motor vehicles depreciation expense account; (iv) The disposal of motor vehicles account. 17 marks
(b) Briefly explain why depreciation is provided for in financial statements. 3 marks Total: 20 marks
(Based on Autumn 2012 Exam Question)

Question 2
(a) At the beginning of its financial year on 1 January 2011, Appreciate Ltd had a balance on its Machinery Account of €84,600 and on its Provision for Depreciation on Machinery Account of €26,400.
On 30 September 2011 the firm sold a machine for €11,000. This machine had been purchased on 1 June 2008 at a cost of €18,000. On the date of purchase, Appreciate Ltd spent €300 on transporting the machine from the supplier’s premises to their own premises. They also spent a further €500 on installing the machine.
On the 31 August 2009 substantial repairs costing €1,200 were carried out on the machine.
On 1 April 2010 a new part costing €2,000 was added to the machine in order to significantly improve its performance.
The firm provides for depreciation on machinery at 20% per annum, using the reducing balance method. A full year’s depreciation is provided on all machinery held at the end of the financial year.

Requirement
Prepare for the year ended 31 December 2011: (i) The machinery account. (ii) The machinery depreciation account. (iii) The provision for depreciation of machinery account. (iv) The machinery disposal...

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