Year 9 & 10 - Accounts - 28-4-16

                                                ONLINE ASSIGNMENT

The financial year of AB Engineering business ends on august 31^st. On 1^st sept 2001 balance in AB’s ledger included the following

Equipment                                          40000

Provision for depreciation            15000

You are given the following further information:-

   1)      AB Depreciates his equipment at the rate of 10 % per annum on the cost. Depreciation on the new equipment is calculated from the date of purchase.

   2)      Additional equipment purchased during the year

1^st September 2001                         30000

                                1^st March 2002                                   20000

                                Both purchases were made by cheque.

   3)      There are no sales of equipment during the year

a)      Make Equipment account and provision for depreciation account

b)      Make extract of Balance  Sheet