A machine was purchased on 1st April, 2015 for Rs. 10,00,000. On 1st O

1.	A machine was purchased on 1st April, 2015 for Rs. 10,00,000. On 1st October 2015, another machine was purchased for Rs. 6,00,000. Estimated scrap values were Rs. 40,000 and Rs. 20,000 respectively. Depreciation is to be provided 10 % per annum on the machines under the reducing balance system. (i) Show the machinery account for the year ended 31st March 2016 and 2017. (ii) Show how the machinery account will appear in the balance sheet as at 31st March, 2017.
Answer» A machine was purchased on 1st April, 2015 for Rs. 10,00,000. On 1st October 2015, another machine was purchased for Rs. 6,00,000. Estimated scrap values were Rs. 40,000 and Rs. 20,000 respectively. Depreciation is to be provided 10 % per annum on the machines under the reducing balance system. (i) Show the machinery account for the year ended 31st March 2016 and 2017. (ii) Show how the machinery account will appear in the balance sheet as at 31st March, 2017.

A machine was purchased on 1st April, 2015 for Rs. 10,00,000. On 1st October 2015, another machine was purchased for Rs. 6,00,000. Estimated scrap values were Rs. 40,000 and Rs. 20,000 respectively. Depreciation is to be provided 10 % per annum on the machines under the reducing balance system. (i) Show the machinery account for the year ended 31st March 2016 and 2017. (ii) Show how the machinery account will appear in the balance sheet as at 31st March, 2017.

Answer»

A machine was purchased on 1st April, 2015 for Rs. 10,00,000. On 1st October 2015, another machine was purchased for Rs. 6,00,000. Estimated scrap values were Rs. 40,000 and Rs. 20,000 respectively. Depreciation is to be provided 10 % per annum on the machines under the reducing balance system.

(i) Show the machinery account for the year ended 31st March 2016 and 2017.

(ii) Show how the machinery account will appear in the balance sheet as at 31st March, 2017.

Discussion

No Comment Found

Related InterviewSolutions

The dipole moment of KCl is 3.336×10−29 Coulomb meters which indicates that it is a highly polar molecule. The interionic distance between K+ and Cl− in this molecule is 2.6×10−10 m. The percentage ionic character of KCl molecule, if there were opposite charges of one fundamental unit located at each nucleus is:
on heating with concentrated sulphuric acid, sucrose givesOption:a) CO and CO2b) C, CO2 and SO2c) CO, CO2 and SO2d) C and H2Oe) CO2, SO2 and H2O
Why CH2Cl2 is Polar molecular solid
Which among the following is/are ore/ores of iron?
how many spectral lines r seen for hydrogen atom when e jumps from n2= 5 to n1=1 in visible region
Explain, why electrolysis is an example of redox reaction?
A solution of CuSO4 was kept in an iron pot. After a few days, the iron pot was found to have a number of holes in it. Explain the reason in terms of reactivity. Write the equation of the reaction involved.
Which element from the following has the highest ionisation energy ? (a) P, Na, Cl (b) F, O, Ne (c) Ne, He, Ar Explain your choice.
How many groups and periods are there in the modern periodic table?
Under what conditions does ethane get converted to(a) ethyl alcohol(b) acetic acid

Discussion

No Comment Found

Related InterviewSolutions

Reply to Comment