Just to make sure that you know….
Question 1
Why we need to depreciate?
Question 2
What are the factors that cause the depreciation?
Question 3
An asset costing RM98,000 which was acquired in January 2015 was sold at the price of RM67,600 cash on November 2018. The annual depreciation rate for the said asset was 20% using a straight line method.
You are required to prepare asset a/c, depreciation a/c, accumulated depreciation a/c, disposal a/c. You are also required to extract SOCI and SOFP for the year ending December 2017 and 2018.
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