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  • Question No 8: Cost Overhauling Depreciatoin Reducing Bal Method Sold DR Truck A/C Date Details Amount Date

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    The document contains information about two fixed assets - Truck A/C and Machinary A/C. For Truck A/C, it provides the cost, date of purchase, depreciation rate and method, date and amount of sale. It also includes the calculation of depreciation expense, book value and profit/loss on sale each year. For Machinary A/C, similar information is provided along with the purchase of a new machinery on the date of sale of the old one. The calculations of depreciation, book value and profit/loss are also shown for Machinary A/C over the years.

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    The document contains information about two fixed assets - Truck A/C and Machinary A/C. For Truck A/C, it provides the cost, date of purchase, depreciation rate and method, date and amount of sale. It also includes the calculation of depreciation expense, book value and profit/loss on sale each year. For Machinary A/C, similar information is provided along with the purchase of a new machinery on the date of sale of the old one. The calculations of depreciation, book value and profit/loss are also shown for Machinary A/C over the years.

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    17 views6 pages

    Question No 8: Cost Overhauling Depreciatoin Reducing Bal Method Sold DR Truck A/C Date Details Amount Date

    Uploaded by

    Educatry Fam
    The document contains information about two fixed assets - Truck A/C and Machinary A/C. For Truck A/C, it provides the cost, date of purchase, depreciation rate and method, date and amount of sale. It also includes the calculation of depreciation expense, book value and profit/loss on sale each year. For Machinary A/C, similar information is provided along with the purchase of a new machinery on the date of sale of the old one. The calculations of depreciation, book value and profit/loss are also shown for Machinary A/C over the years.

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    © All Rights Reserved
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    of 6

    Question No 8

    Cost 50,000 1-Jan-13


    Overhauling 20,000
    Depreciatoin 10%
    Reducing Bal Method
    Sold 30,000 30-Jun-16

    Dr Truck A/C
    Date Details Amount Date
    1-Jan-13 Cash 70,000 31-Dec-13

    70,000
    1-Jan-14 Cash 63,000 31-Dec-14

    63,000
    1-Jan-15 Cash 56,700 31-Dec-15

    56,700
    1-Jan-16 Cash 51,030 30-Jun-16

    31-Dec-16

    51,030

    Question No 9
    Cost 160,000 1-Jul-01
    Depreciatoin 15%
    Straight Line Method
    Sold 70,000 30-Jun-04
    Machinary 2 180,000 30-Jun-04
    Dr Machinary A/C
    Date Details Amount Date
    1-Jul-01 Cash 160,000 31-Dec-01

    160,000
    1-Jan-02 Balance b/d 148,000 31-Dec-02
    148,000
    1-Jan-03 Balance b/d 124,000 31-Dec-03

    124,000
    1-Jan-04 Balance b/d 100,000 30-Jun-04

    1-Jul-04 Cash 180,000 31-Dec-04

    280,000
    Truck A/C Cr Cost 70,000
    Details Amount - Accumulated Depreciation 21521.5
    Depreciation (70,000*10%) 7000 Book Value 48,479
    Balance c/d 63000
    70000
    Depreciation (63000*10%) 6300
    Balance c/d 56700 Cash Dr 30,000
    63000 Loss 18,479
    Depreciation (56700*10%) 5670 Truck Cr
    Balance c/d 51030
    56700
    Depreciation (56700*10%*6/12) 2551.5
    Cash 30,000
    Loss 18,479

    51030.5

    chinary A/C Cr Cost 160,000


    Details Amount - Accumulated Depreciation 72,000
    Depreciation 12000 Book Value 88,000
    Balance c/d 148000
    160000
    Depreciation 24000 Cash 70,000
    Balance c/d 124000 Profit&Loss 18,000
    148000 Machinary Cr
    Depreciation 24000
    Balance c/d 100000 Machinary 2 180,000
    124000 Cash
    Depreciation 12,000
    Cash 70000
    Profit&Loss 18000
    Depreciation 13500
    Balance c/d 166,500
    280,000
    (7000+6300+5670+2551)
    30,000
    18,479

    48,479
    88,000

    180,000

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