Solution-Xyz limited account of plant and machinery

Xyz limited account of plant and machinery

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Reference no: EM13510341

XYZ limited account of plant and machinery as at 1/1/03 stood at Ksh. 11,000,000 while the accumulated depreciation stood at Ksh. 4,000,000. It is the company's policy to charge depreciation at 10% on cost pro-rata to time on all assets and no charge in the year of disposal. The following transactions took place:

Purchases:
Date	Item	Amount
1/3/03	Machinery X	3,000,000
30/6/03	Machinery	4,000,000

Disposals:
Date	Item	Orig.cost	Sale proceeds	Date of Purchase
1/4/03	Machinery A	2,000,000	900,000	30/6/99
30/6/99	Machinery B	1,500,000	1,200,000	1/9/01

Other transactions:

1. A machinery bought on 30/6/00 at 1,000,000 was completely damaged on 1/4/03.

The insurance company paid sh. 700,000

2. A machinery bought on 30/6/99 at 1,000,000 was exchanged for a new one costing 1200,000 on 31/7/03. The company paid sh. 400,000 in the exchange.

Required:

1. Machinery a/c 2) Depreciation a/c 3) Accumulated depreciation a/c 4) Disposal a/c

Reference no: EM13510341

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Xyz limited account of plant and machinery

Reference no: EM13510341

Reference no: EM13510341

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