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Question 1
San Bhd manufactures and distributes glassware in Malaysia. The following
ratios are based on its financial statements for the years ended 31 December
2021 /2022.
Question 2
Sim depreciates his machinery at a rate of 20% per annum on a reducing balance basis. He provides a full year’s depreciation in the year an asset is acquired, and no provision is made in the year of disposal.
On 1 November 2021, the cost of Sim’s machinery was RM140,900, and the net book value was RM94,570.
During the year to 31 October 2022, a machine that had cost RM35,000 and had been depreciated for four years was traded in for a new machine. The new machine cost RM50,000, and the trade-in value was RM14,000. On 31 October 2022, the balance of the cost of the new machine was still outstanding.
a. Calculate the profit or loss on the machine traded in.
b. Calculate the depreciation charge for machinery for the year 31 October 2022.
c. Show the following ledger accounts for the year:
i. Machinery at cost.
ii. Accumulated depreciation.
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