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XYZ limited account of plant and machinery as at 1/1/03 stood at Ksh

by | Nov 30, 2023 | questions

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

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