Company, purchased on 1st April 1992 machinery costing Rs. 60,000/-.It

1.	Company, purchased on 1st April 1992 machinery costing Rs. 60,000/-.It purchased further machinery on 1st October 1992 costing Rs. 20,000/- and on 1st July 1993 costing Rs. 10,000/-. On 1st January 1994 one-third of the machinery purchased on 1st April 1992 became obsolete and was sold for Rs. 6,000/-.On 1st January 1995 the remaining portion of the machinery purchased on 1st April 1992 was also sold for Rs. 5000/-.1Show how machinery account would appear in the books of the company from 1992 to 1995 if depreciation is being charged at the rate of 10% p.a. as per reducing balance method.
Answer» Answer: ANSWER: AMOUNT of Depreciation=Cost of Machine−Scrap Value of Machine LIFE in YEARS =1,20,000−72,0004=Rs 12,000Rate of Depreciation=Amount of DepreciationCost of Machine×100 =12,0001,20,000×100=10%p.a.

Company, purchased on 1st April 1992 machinery costing Rs. 60,000/-.It purchased further machinery on 1st October 1992 costing Rs. 20,000/- and on 1st July 1993 costing Rs. 10,000/-. On 1st January 1994 one-third of the machinery purchased on 1st April 1992 became obsolete and was sold for Rs. 6,000/-.On 1st January 1995 the remaining portion of the machinery purchased on 1st April 1992 was also sold for Rs. 5000/-.1Show how machinery account would appear in the books of the company from 1992 to 1995 if depreciation is being charged at the rate of 10% p.a. as per reducing balance method.

Answer»

Answer:

ANSWER:

AMOUNT of Depreciation=Cost of Machine−Scrap Value of Machine LIFE in YEARS =1,20,000−72,0004=Rs 12,000Rate of Depreciation=Amount of DepreciationCost of Machine×100 =12,0001,20,000×100=10%p.a.

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