Tag: asset disposal account
Questions Related to asset disposal account
A trader purchased a machinery for Rs.10,000 in jan 2004, Depreciation is charged @ 25% diminishing balance. At the end of third year it was sold for Rs.1,000. Profit or Loss on sale of machine will be:
A machine was purchased for Rs. 5,000 installation expenses amounted to Rs. 2,000 wages of Rs. 4,000 were paid on installation. The scrap value at the end of its useful life of 10 years is Rs. 6,000. Repairs of Rs. 6,000 was made after 6 months from the date of purchase. Calculate depreciation.
Unabsorbed scientific research Rs.$7,65,000$ (revenue nature Rs.$1,65,000$) can be carried forward for a maximum period of:
A purchased an old computer costing Rs. $10,000$ and incurred Rs. $1,000$ on its repair and Rs. $500$ on its packing. He sold the computer at $20\%$ margin on selling price. The sales value will be _________________.
On the basis of the information given below, answer the given question.
| A firm, which depreciates its machinery at $10\%$ p.a on WDV method, had on $1st$ April, $2002$, Rs$9,72,000$ in the debit of machinery account. During the year ended $31st$ March, $2003$, a part of the machinery purchased on $1st$ April, $2000$ for $Rs.80,000$ was sold for Rs.$45,000$ on $1st$ October, $2002$ and a new machinery at a cost of Rs.$1,50,000$ was purchased and installed on the same date, installation charges being Rs.$8,000$. On $31st$ March, $2003$, the firm decided to change its method of charging depreciation from WDV method to SLM with effect from April, $2000$, the rate of depreciation remaining the same as before. |
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Depreciation on machine sold upto $1.10.2002$ in year $2002 - 2003$ will be-
On the basis of the information given below, answer the given question.
| A firm, which depreciates its machinery at $10\%$ p.a on WDV method, had on $1st$ April, $2002$, Rs$9,72,000$ in the debit of machinery account. During the year ended $31st$ March, $2003$, a part of the machinery purchased on $1st$ April, $2000$ for $Rs.80,000$ was sold for Rs.$45,000$ on $1st$ October, $2002$ and a new machinery at a cost of Rs.$1,50,000$ was purchased and installed on the same date, installation charges being Rs.$8,000$. On $31st$ March, $2003$, the firm decided to change its method of charging depreciation from WDV method to SLM with effect from April, $2000$, the rate of depreciation remaining the same as before. |
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Extra depreciation due to change in method will be-
On the basis of the information given below, answer the given question.
| A firm, which depreciates its machinery at $10\%$ p.a on WDV method, had on $1st$ April, $2002$, Rs$9,72,000$ in the debit of machinery account. During the year ended $31st$ March, $2003$, a part of the machinery purchased on $1st$ April, $2000$ for $Rs.80,000$ was sold for Rs.$45,000$ on $1st$ October, $2002$ and a new machinery at a cost of Rs.$1,50,000$ was purchased and installed on the same date, installation charges being Rs.$8,000$. On $31st$ March, $2003$, the firm decided to change its method of charging depreciation from WDV method to SLM with effect from April, $2000$, the rate of depreciation remaining the same as before. |
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Closing balance of machinery account will be-
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