Customer Service Chat
Get quote & make Payment
depreciation, Financial Accounting
The non current asset section of Aadil & Co. at December 31, 2005 is as under:-
Land Rs. 1,000,000
Office equipment Rs. 5,000,000
Less: accumulated depreciation 250,000 4,750,000
Machinery Rs. 600,000
Less: accumulated depreciation 120,000 480,000
Total non current asset 6,230,000
• All assets were purchased on January 2, 2004
• The firm depreciates all assets on a straight line basis with no residual value and with
the following lives:
Office equipment 40 years
Machinery 10 years
The following transactions occurred during 2006:
Apr. 01. A new additional equipment was purchased for Rs. 1,000,000 and machinery at a cost of Rs. 50,000. All items were paid for in cash.
Jul. 15. Repairs of Rs. 5,000 were made for cash on machinery.
Sep. 30. Machinery with a cost of Rs. 100,000 and accumulated depreciation of
Rs. 20,000 (as of 31st December, 2005) was sold for Rs. 82,000 cash.
Dec. 31. Machinery with a cost of Rs. 50,000 and accumulated depreciation of Rs. 10,000 (as of 31st December, 2005) was traded in for new machinery. The firm received a trade-in allowance of Rs. 32,000. The list price of the new machinery is Rs. 85,000.
Make all the required Journal entries.
Show all necessary computation
Posted Date: 1/27/2013 7:47:30 AM | Location :
Ask an Expert
depreciation, Assignment Help, Ask Question on depreciation, Get Answer, Expert's Help, depreciation Discussions
Write discussion on depreciation
Your posts are moderated
Write your message here..
What is staff benefit fund, Q. What is Staff Benefit Fund? This is a fu...
Q. What is Staff Benefit Fund? This is a fund intended to afford certain kinds of amenities and benefits to no gazetted staff as well as to gazetted officers of the Railway ove
Journalize the foregoing transactions and post to the a/c, During the fourt...
During the fourth quarter of 2006, Cablevision, Inc., generated excess cash, which the company invested in securities, as follows: On Nov. 12 purchased 1,000 shares of common st
Sales, what is recorded sales on account of 3,280
what is recorded sales on account of 3,280
Investments under the trustee act-trust laws and accounts, Investments unde...
Investments under the Trustee Act The act defines the categories of investment as follows: 1. Fixed interest securities are: Securities which under their te
Importance of recognition revenue, mportance of recognition revenue..
mportance of recognition revenue..
Difference between npv and irr, Function to return the phase of a complex n...
Function to return the phase of a complex number 1. What is Annuity kind of cash flow? 2. What do understand by Portfolio risk? 3. What do you understand by 'Loan Am
Relevant cash flows , The City of Miami must replace a number of its concre...
The City of Miami must replace a number of its concrete mixer trucks with new trucks. It has received two bids and has evaluated closely the performance characteristics of the seve
Preparation and presentation of financial statements, PREPARATION AND PRESE...
PREPARATION AND PRESENTATION OF FINANCIAL STATEMENTS OF LIMITED COMPANIES This is a chapter dealing with company financial statements, a topic frequently examined. Do not be
Members voluntary winding up-liquidation of companies, Members Voluntary Wi...
Members Voluntary Winding Up The company may be wound up by the members themselves without reference to the creditors, if the company is solvent. 1) Declaration of solvency
Describe what you understand by the term fund accounting, Question: (a)...
Question: (a) ‘Public accounting is often called fund accounting'. Describe what you understand by the term ‘fund accounting'. (b) "What's the difference between nation
Accounting Assignment Help
Economics Assignment Help
Finance Assignment Help
Statistics Assignment Help
Physics Assignment Help
Chemistry Assignment Help
Math Assignment Help
Biology Assignment Help
English Assignment Help
Management Assignment Help
Engineering Assignment Help
Programming Assignment Help
Computer Science Assignment Help
Why Us ?
~24x7 hrs Support
~Quality of Work
~Time on Delivery
~Privacy of Work
Human Resource Management
Literature Review Writing Help
Follow Us |
T & C
Copyright by ExpertsMind IT Educational Pvt. Ltd.