8.9 Revision Questions
Question one
James Mbuvi started a taxi business in Nairobi March 1990...
Mathematics, 23.03.2021 19:40 SilverTheAmarok
8.9 Revision Questions
Question one
James Mbuvi started a taxi business in Nairobi March 1990 under the firm name Mbuvi
Taxis. The firm had two vehicles KA and KB, which had been purchased forSh.560,
000, and Sh.720.000 respectively earlier in the year.
In February 1992 vehicle KB was involved in an accident and was written off. The
insurance company paid the firm Sh.160,000 for the vehicle. In the same year the firm
purchased two vehicles, KC and KD for Sh.800.000 each.
In November 1993 vehicle KC was sold for Sh.716, 000. In January 1994 vehicle KE
was purchased for Shs.840, 000. In March 1994 another vehicle KF was purchased for
Sh.960.000
The firm's policy is to depreciate vehicles at the rate of 25 per cent on cost on vehicles on
hand at the end of the year irrespective of the date of purchase. Depreciation is not
provided for vehicle disposed of during the year. The firm's year ends on 31 December
Required:
a) Calculate the amount of depreciation charged in the profit and loss account for
each of the five years.
b) Prepare the motor vehicle account (at cost).
c) Calculate the profit and loss on disposal of each of the vehicles disposed of by
the company
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