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    T9 - ABFA1153 (Extra)

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    LOO YU HUANG
    This document discusses accounting for non-current assets such as land, motor vehicles, and furniture and fittings. It provides examples of recording transactions in the general ledger accounts for these non-current assets. It also shows extracts from the statement of financial position for the years 2008 and 2009, including the non-current asset balances and accumulated depreciation. Workings are provided for calculating depreciation amounts using the straight-line and reducing balance methods.

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    T9 - ABFA1153 (Extra)

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    LOO YU HUANG
    58 views2 pages
    This document discusses accounting for non-current assets such as land, motor vehicles, and furniture and fittings. It provides examples of recording transactions in the general ledger accounts for these non-current assets. It also shows extracts from the statement of financial position for the years 2008 and 2009, including the non-current asset balances and accumulated depreciation. Workings are provided for calculating depreciation amounts using the straight-line and reducing balance methods.

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    Financial Accounting Tutorial

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    T9_ABFA1153 (extra)

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    This document discusses accounting for non-current assets such as land, motor vehicles, and furniture and fittings. It provides examples of recording transactions in the general ledger accounts for these non-current assets. It also shows extracts from the statement of financial position for the years 2008 and 2009, including the non-current asset balances and accumulated depreciation. Workings are provided for calculating depreciation amounts using the straight-line and reducing balance methods.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    58 views2 pages

    T9 - ABFA1153 (Extra)

    Uploaded by

    LOO YU HUANG
    This document discusses accounting for non-current assets such as land, motor vehicles, and furniture and fittings. It provides examples of recording transactions in the general ledger accounts for these non-current assets. It also shows extracts from the statement of financial position for the years 2008 and 2009, including the non-current asset balances and accumulated depreciation. Workings are provided for calculating depreciation amounts using the straight-line and reducing balance methods.

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    of 2

    ABFA1153 FINANCIAL ACCOUNTING 1 1 May 2019

    Tutorial 9 – Accounting for Non-current assets


    Section 4: Acc. Dep.: Furniture & Fittings Account
    Question 1: 2008 RM 2008 RM
    Land Account Jan 1 Bal b/d 4,500
    2008 RM 2008 RM Dec 31 Bal c/d 8,775 Dec 31 Depn 4,275
    Jan 1 Bal b/d 80,000 Dec 31 Bal c/d 130,000 8,775 8,775
    2010 Bank 50,000 2009 2009
    130,000 130,000 Jan 1 Bal b/d 8,775
    2009 2009 Dec 31 Bal c/d 13,236 Dec 31 Depn 4,461
    Jan 1 Bal b/d 130,000 Dec31 Bal c/d 130,000 13,236 13,236

    Motor Vehicles Account CUBE Trading


    2008 RM 2008 RM Statement of Financial Position (extract) as at 31 December
    Jan 1 Bal b/d 250,000 Dec31 Bal c/2 250,000
    Non-current assets 2008 2009
    Jan 1 Bal b/d 250,000 Dec 31 Bal c/d 295,000 RM RM RM RM
    Bank 45,000 Land 850,000 850,000
    295,000 295,000
    Motor Vehicles 250,000 295,000
    Furniture & Fittings Account Less : Accum Dep (50,000) 200,000 (79,500) 215,500
    2008 RM 2008 RM
    Jan 1 Bal b/d 90,000 Dec31 Bal c/2 90,000 Furniture & Fittings 90,000 98,000
    Less : Accum Dep (8,775) 81,225 (13,236) 84,764
    Jan 1 Bal b/d 90,000 Dec 31 Bal c/d 98,000 1,131,225 1,150,264
    Bank 8,000
    98,000 98,000
    Acc. Dep.: Motor Vehicles Account
    2008 RM 2008 RM Workings : Depreciation
    Jan 1 Bal b/d 25,000 Motor vehicles : 2008 –> 250,000 x 10% = RM25,000
    : 2009 –> 295,000 x 10% = RM29,000
    Dec 31 Bal c/d 50,000 Dec 31 Depn 25,000
    50,000 50,000
    Furniture & Fittings:
    2009 2009 1.1.08 NBV 85,00 (90,000-4,500)
    Jan 1 Bal b/d 50,000 31.12.08 Depn (4,275) (85,500 x 5%)
    Dec 31 Bal c/d 79,500 Dec 31 Depn 29,500
    1.1.09 NBV 81,225
    79,500 79,500 New 8,000
    ABFA1153 FINANCIAL ACCOUNTING 1 2 May 2019

    89,225
    31.12.09 Depn (4,461) (89,225 5%)
    NBV 84,764

    Question 2:

    (a) Depn. Each = (96,000-24,000)/3= 2,4000

    (b) Reducing balance method:

    RM
    Cost 96,000
    Yr1 (-) Dep. (96,000 x 37%) (35,520)
    NBV 60,480
    Yr2 (-) Dep. (60,480 x 37%) (22,378)
    NBV 38,102
    Yr3 (-) Dep. (38,102 x37%) (14,098)
    NBV 24,004

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