29. On 1st April, 2014, Veeru Ltd. purchased a machinery for ₹ 2,50,000 and spent ₹ 50,000 on its installation. On 1st July, 2016, 1/3rd of machinery purchased on 1st April, 2014 was sold for ₹ 15,000 and a new machinery at the cost of ₹ 2,00,000 was purchased on the same date. The company … Read more
28. Ashoka & Co. whose books are closed on 31st March, purchased a machinery for ₹ 1,50,000 on 1st April, 2021. Additional machinery was acquired for ₹ 50,000 on 1st October, 2021. Certain machinery which was purchased for ₹ 50,000 on 1st October, 2021 was sold for ₹ 40,000 on 30th September, 2023. Prepare the … Read more
27. Following balances appear in the books of Kaushal Traders as on 1st April, 2023: 2023 1st April Machinery A/c ₹ 60,000 Provision for Depreciation A/c ₹ 36,000 On 1st April, 2023, they decided to dispose off a machinery for ₹ 8,400 which was purchased on 1st April, 2019 for ₹ 16,000. Depreciation was provided … Read more
26. Bharat Stores purchased on 1st July, 2020 machinery costing ₹ 30,000. It further purchased machinery on 1st January, 2021 costing ₹ 20,000 and on 1st 0ctober, 2021 costing ₹ 10,000. On 1st April, 2022, one-third of the machinery installed on 1st July, 2020 became obsolete and was sold for ₹ 3,000. The company follows … Read more
25. On 1st October, 2021, Rahul Traders purchased a machine for ₹ 25,000 and spent ₹ 5,000 for carriage and freight; ₹ 1,000 for brokerage of the middle-man, ₹ 4,000 for installation. The machine is depreciated @ 10% p.a. on written down value basis. On 31st March, 2024, the machine was sold to Deepa for … Read more
24. Gurman & Co. purchased machinery for ₹ 40,000 on 1st October, 2021. Depreciation is provided @10% p.a. on the Diminishing Balance. On 31st January, 2024, one-fourth of the machinery was found unsuitable and disposed off for ₹ 5,600. On the same date, new machinery at a cost of ₹ 15,000 … Read more
23. On 1st April, 2021, a machinery was purchased for ₹ 20,000. On 1st October, 2022, another machine was purchased for ₹ 10,000 and on 1st April, 2023, one more machine was purchased for ₹ 5,000. The firm depreciates its machinery @ 10% p.a. on the Diminishing Balance Method. What is the amount of Depreciation … Read more
22. A company purchased a machine for ₹ 50,000 on 1st October, 2021. Another machine costing ₹ 10,000 was purchased on 1st December, 2022. On 31st March, 2024, the machine purchased in 2021 was sold at a loss of ₹ 5,000. The company charges depreciation @ 15% p.a. on Diminishing Balance Method. Accounts are closed … Read more
21. Rajesh purchased on 1st April, 2022, a machine for ₹ 6,000. On 1st October, 2022, he purchased another machine for ₹ 5,000. On 1st October, 2023. he sold the machine purchased on 1st April, 2022 for ₹ 4,000. Depreciation is to be provided @ 10% p.a. according to Diminishing Balance Method. Assuming the accounts … Read more
20. Kabir bought a machine for ₹ 25,000 on which he spent ₹ 5,000 for carriage and freight, ₹ 1,000 for brokerage of the middleman, ₹ 3,500 for installation and ₹ 500 for an iron pad. The machine is depreciated @ 10% p.a. on Written Down Value basis. After three years, the machine was sold … Read more