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
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