34. On 1st June, 2017, Kedarnath Ltd. purchased a machinery for ₹27,00,000. Depreciation is provided @ 10% p.a. on diminishing balance method and the books are closed on 31st March each year. On 1st October, 2019, a part of the machinery purchased on 1st June, 2017 for ₹6,00,000 was sold for ₹3,50,000 and on the … Read more
33. On 1st September 2016, Gopal Ltd. purchased a plant for ₹10,20,000. On 1st July 2017 another plant was purchased for ₹6,00,000. The firm writes off depreciation @ l0% p.a. on original cost and its accounts are closed every year on 31st March. On 1st October 2019, a part of the second plant purchased on … Read more
32. On 1st July, 2017, X Ltd. purchased a machinery for ₹15,00,000, Depreciation is provided @ 20% p.a. on the original cost of the machinery and books are closed on 31st March each year. On 31st May, 2019, a part of this machine purchased on 1st July 2017 for ₹3,60,000 was sold for ₹2,40,000 and … Read more
31. Books of Mumbai Chemicals Ltd. showed the following balances on 1st April, 2019: Machinery A/c ₹10,00,000 Provision for Depreciation A/c ₹4,05,000 On 1st April, 2019, a machine which had a cost of ₹2,00,000 on 1st October, 2016 was sold for ₹80,000. The firm writes off depreciation @ 10% p.a. under the Reducing Balance Method … Read more
30. On 1st April, 2022, following balances appeared in the books of M/s Krishna Traders: Furniture Account ₹50,000 Provision for Depreciation on Furniture Account ₹22,000 On 1st October, 2022 a part of Furniture purchased for ₹20,000 on 1st April, 2018 was sold for ₹5,000. On the same date a new furniture costing ₹25,000 was purchased. … Read more
29. The following balances appear in the books of Y Ltd.: Machinery A/c as on 1-4-2022 ₹8,00,000 Provision for Depreciation A/c as on 1-4-2022 ₹3,10,000 On 1-7-2022, a machinery which was purchased on 1-4-2019 for ₹1,20,000 was sold for ₹50,000 and on the same date another machinery was purchased for ₹3,20,000. The firm has been … Read more
28. Following balances appeared in the books of Saurabh on 1st April, 2017: Plant and Machinery ₹10,00,000 Provision for Depreciation ₹3,50,000 On 1st July 2017, he sold a part of machinery for ₹1,25,000 which was purchased on 1st October 2015 for ₹1,60,000. On the same date, he purchased a new machinery for ₹3,00,000. Prepare Plant … Read more
27. Binny Textiles Ltd. which depreciates its machinery at 20% p.a. on diminishing balance method, purchased a machine for ₹6,00,000 on 1st October, 2020. It closes its books on 31st March every year. On 1st January, 2022, it purchased another machine for ₹1,50,000. On 1st December, 2022, one-third of the machinery purchased on 1st October, … Read more
26.On 1st April 2020, Banglore Silk Ltd. purchased a machinery for ₹20,00,000. It provides depreciation at 10% p.a. on the Written Down Value Method and closes its books on 31st March every year. On 1st July 2022, a part of the machinery purchased on 1st April 2020 for ₹4,00,000 was sold for 3,20,000. On 1st … Read more
25. On 1st August, 2020, Hindustan Toys Ltd. purchased a plant for ₹12,00,000. The firm writes off depreciation at 10% p.a. on the diminishing balance and the books are closed on 31st March each year. On 1st July, 2022, a part of this plant of which the original cost was ₹1,80,000 was sold for ₹1,00,000 … Read more