User Account

All Pages

depreciation, Financial Accounting

Assignment Help:
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
OTHER INFORMATION:
• 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.
REQUIRED:
Make all the required Journal entries.
Show all necessary computation

Related Discussions:- depreciation

Demand curve for a consumer, Suppose the consumer is at coffee shop 1. Coff...

Suppose the consumer is at coffee shop 1. Coffee shop 1 charges $2.00 per cup. - Draw and label the demand curve for a cup of coffee for the consumer (please do not forget to sp

International financial reporting standards and gaap, Alta Velocidad Espera...

Alta Velocidad Esperanza de L'Argentina, Sociedad Anónima (AVE), a high-speed railway operator domiciled in Rio Norte, Argentina, is a Foreign Private Issuer as defined by the U.S.

Efficiency ratios, Efficiency Ratios - These ratios include Receivables T...

Efficiency Ratios - These ratios include Receivables Turnover, Inventory Turnover, Asset Turnover and Net Working Capital Turnover ratios. Efficiency ratios demonstrate the utili

Prepare a lease amortization schedule, LessorMfg Corp. is a manufacturer of...

LessorMfg Corp. is a manufacturer of heavy equipment. On January 1, 2013, LessorMfg Corp. leases equipment to Small Company under a six-year noncancelable lease agreement. The foll

First meeting of creditors-public examination, First Meeting of creditors ...

First Meeting of creditors The Official Receiver must convene this meeting within 60 days of the receiving order, unless the court extends the time, by giving notice to each c

Non-current assets for a business, WyseFinance maintains a non-current asse...

WyseFinance maintains a non-current asset register for recording information for non-current assets for a business. The business is registered for VAT. The following is a purcha

Determine annual effective cost, Q. Determine Annual effective cost? (...

Q. Determine Annual effective cost? (i) Payables policy One month cost of taking extended trade credit = 1.5/98.5 = 1.52% Annual effective cost = 1.015212-1 = 19.8%

Journal entry, XYZ Corporation recieves $100,000 from investors for issuing...

XYZ Corporation recieves $100,000 from investors for issuing them shares of its stock. XYZ's journal entry to record this transaction would include a a debit to investment b credit

What is auditors report explain, Q. What is Auditors report explain? Sp...

Q. What is Auditors report explain? Special Report - Special report is a term used for Auditors' reports issued in connection with various types of financial presentations, inc

Capita expenditure and revenue expenditure, The company selected a suitable...

The company selected a suitable site and commissioned a survey and valuation report, for which the fee was £1,500. On the basis of the report the site was acquired for £90,000. Sol

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd