BCAF003: Business Accounting January 28, 2023 postadmin Post in Uncategorized Question 1 LY Pte Ltd is a manufacturing company in Singapore. It commenced business on 1 January 2018. On 1 January 2018, the company bought a machine for $295,000. It has an estimated useful life of 4 years and a residual value of $15,000. On 1 July 2019, the company bought a second machine for $150,000 with a useful life of 5 years and no residual value. The company’s accounting year ends on 31 December. The business adopts the straight-line method of depreciation. Question 2 LeLe Arts Studio received its bank statement for the month of December. It showed that the business has a credit balance of $55,200 as of 31 December 2022. Upon reviewing the records, the business discovered that the following issued cheques have not been presented to the bank: It also discovered that the deposit of $5,011 made on 31 December was not yet credited by the bank. In addition, the firm had erroneously recorded cheque 398 of the amount of $1,912 received from a debtor as $1,291 instead. Question 3 SafAir Pte Ltd buys and sells dehumidifiers in Singapore. On 1 November, the business has 70 units costing $158 each. During the month, the following movements in inventories were recorded: