19. The original cost of original furniture amounted to ₹ 4,000 and it is decided to write off 5% on the original cost as Depreciation at the end of each year. Show the Ledger Account as it will appear during the first four years. Show also how the same account will appear if it was … Read more
18. A boiler was purchased from abroad for ₹ 10,000. Shipping and forwarding charges ₹ 2,000, Import duty ₹ 7,000 and expenses of installation amounted to ₹ 1,000. Calculate the Depreciation for the first three years (separately for each year) @ 10% p.a. on Diminishing Balance Method. T.S.Grewal/2024 Edition/Practical Problems/Q-18 For full question, please refer … Read more
17. Following balances appear in the books of Priyank Bros.: 1st April, 2023 Machinery A/c ₹ 20,00,000 Provision for Depreciation A/c ₹ 8,00,000 On 1st April, 2023, they decide to sell a machine for ₹ 5,00,000. This machine was purchased ₹ 7,50,000 on 1st April, 2020. Prepare Machinery Account and Provision for Depreciation Account for … Read more
16. Following balances appear in the books of Paras Bros.: 1st April, 2022 Machinery A/c ₹ 80,000 Provision for Depreciation A/c ₹ 36,000 On 1st April, 2022, they sold a machine for ₹ 8,700. This machine was purchased for ₹ 16,000 in April, 2018. Prepare Provision for Depreciation Account and Machinery Account on 31st March, … Read more
15. The following balances appeared in the books of Priyank Ltd. as on lst April, 2023: Machinery A/c ₹ 10,00,000 Provision for Depreciation A/c ₹ 4,50,000 Depreciation is provided at 10% per annum on the orig1nal cost on 31st March every year. On 1st October, 2023, a machine which was purchased on 1st December, 2020 … Read more
14. On 1st July, 2020, Alpha Ltd. purchases second-hand machinery for ₹ 20,000 and spends ₹ 73,000 on reconditioning and installing it. On 1st January, 2021, the firm purchases new machinery worth ₹ 12,000. On 30th June, 2022, the machinery purchased on 1st January, 2021, was sold for ₹ 8,000 and on 1st July, 2022, … Read more
13. A company whose accounting year is a financial year, purchased on 1st July, 2021 machinery costing ₹ 30,000. It purchased further machinery on 1st January, 2022 costing ₹ 20,000 and on 1st October, 2022 costing ₹ 10,000. On 1st April, 2023, one-third of the machinery installed on 1st July, 2021 became obsolete and was … Read more
12. On 1st April, 2010, Plant and Machinery was purchased for ₹ 1,20,000. New machinery was purchased on 1st October, 2010 for ₹ 50,000 and on 1st July, 2011, for ₹ 25,000. On 1st January, 2013, a machinery of the original value of ₹ 20,000 which was included in the machinery purchased on 1st April, … Read more
11. A Van was purchased on 1st April, 2020 for ₹ 60,000 and ₹ 5,000 was spent on its repair and registration. On 1st October, 2021 another van was purchased for ₹ 70,000. On 1st April, 2022, the first van purchased on 1st April, 2020 was sold for ₹ 45,000 and a new van costing … Read more
10. On 1st April, 2020, Gurman Toys purchased a machine for ₹ 2,40,000 and spent ₹ 10,000 on its erection. On 1st October, 2020, an additional machinery costing ₹ 1,00,000 was purchased. On 1st October, 2022, the machine purchased on 1st April, 2020 was sold for ₹ 1,43,000 and on the same date, a new … Read more