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  • Calculating Depreciation and Profit on Sale of Machinery

    Transféré par

    saurabhkankariya
    13 vues2 pages
    1. On various dates between 2010 and 2011, Sunil Trader purchased three machinery items for Rs. 40,000, Rs. 90,000, and Rs. 50,000 respectively. In 2012, the company sold the first machinery item for Rs. 25,000. 2. The company follows a financial year from April 1 to March 31 and charges 12% annual depreciation on machinery. Depreciation amounts were calculated and credited to the depreciation account on March 31 each year. 3. A working note calculates the profit on sale of the first machinery item by determining its written down value each year, deducting final sales price to arrive at a profit of Rs. 3,807.68

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    1. On various dates between 2010 and 2011, Sunil Trader purchased three machinery items for Rs. 40,000, Rs. 90,000, and Rs. 50,000 respectively. In 2012, the company sold the first machinery item for Rs. 25,000. 2. The company follows a financial year from April 1 to March 31 and charges 12% annual depreciation on machinery. Depreciation amounts were calculated and credited to the depreciation account on March 31 each year. 3. A working note calculates the profit on sale of the first machinery item by determining its written down value each year, deducting final sales price to arrive at a profit of Rs. 3,807.68

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    Attribution Non-Commercial (BY-NC)
    Téléchargez comme DOCX, PDF, TXT ou lisez en ligne sur Scribd
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    13 vues2 pages

    Calculating Depreciation and Profit on Sale of Machinery

    Transféré par

    saurabhkankariya
    1. On various dates between 2010 and 2011, Sunil Trader purchased three machinery items for Rs. 40,000, Rs. 90,000, and Rs. 50,000 respectively. In 2012, the company sold the first machinery item for Rs. 25,000. 2. The company follows a financial year from April 1 to March 31 and charges 12% annual depreciation on machinery. Depreciation amounts were calculated and credited to the depreciation account on March 31 each year. 3. A working note calculates the profit on sale of the first machinery item by determining its written down value each year, deducting final sales price to arrive at a profit of Rs. 3,807.68

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme DOCX, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 2

    1. On 1st April 2010 Sunil Trader Purchasded Machinery Worth Rs.40000.

    On 1 Oct10 The
    Company Purchasedanother Machinery Worth Rs 90000 And On 1 May11 The Campany
    Purchased Third Machinart Worth Rs 50000.On 1 Nov12 The Company Sold 1st Machinery For
    Rs25000 The Company Follows The Income Tax Year And Charges 12% Depreciation .

    Machinary A/C

    Date

    Particular

    1.4.10
    1.10.10

    To Bank
    To Bank

    1.4.11
    1.5.11

    To Bal b/d
    To Bank

    1.4.12

    To Bal b/d

    Amt

    Date

    Particular

    40000
    90000
    130000
    120700
    50000
    170700
    150716

    31.3.11
    31.3.11

    By Dep
    By Bal c/d

    31.3.12
    31.3.12

    By Dep
    By Bal c/d

    1.11.12

    By Dep
    By Bank
    By P/L [Loss]
    By Dep
    By Bal c/d

    31.3.13

    9300
    120700
    130000
    19984
    150716
    170700
    2168.32
    25000
    3807.68
    14368.8
    105371.2

    Depreciaton a/c

    Date
    31.3.11
    31.3.12
    1.11.12
    31.3.13

    Particular
    To machinary
    To machinary
    To machinary
    To machinary

    WORKING NOTE.
    Calculation of P/L on sale
    1.4.10
    original cost
    (-) dep
    wdv
    1.4.11
    (-) dep
    wdv
    1.4.12
    (-) dep
    wdv
    1.11.12 s.p
    profit

    Amt

    Date

    9300 31.3.11
    19984 31.3.12
    2168.32 31.3.13
    14368.8

    40000
    4800
    35200
    4224
    30976
    2168.32
    28807.68
    25000
    3807.68

    Particular
    By P/L
    By P/L
    By P/L

    Amt

    Amt
    9300
    19984
    16537.12

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