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On 01.01.2001, a new plant was purchased by Mrs. Shweta Periwal for Rs. 1,00,000 and a further sum of Rs. 5,000 was spent on installation. On 01.06.2002, another plant was acquired for Rs. 65,000. On 02.01.2003, the first plant was totally destroyed and the amount of Rs. 2,500 only was realized by selling the scraps. It was not insured. On 20.10.2003, a second hand plant was purchased for Rs. 75,000 and a further sum of Rs. 7,500 was spent for repairs and Rs. 2,500 on its erection. It came into use on 15.11.2003. Depreciation has been provided @ 10% on the original cost annually on 31st December. It was the practice to provide depreciation for full year on all acquisitions made at any time during the year and to ignore the depreciation on any time sold during the year. In December 2003, it is decided to change the method of depreciation and to follow the rate of 15% on diminishing balance method with retrospective effect in respect of the existing items of plant and to make necessary adjustments on 31.12.2003.Closing balance in Plant A/c = __________.a)Rs. 1,40,000b)Rs. 1,50,000c)Rs. 1,60,000d)Rs. 1,70,000Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about On 01.01.2001, a new plant was purchased by Mrs. Shweta Periwal for Rs. 1,00,000 and a further sum of Rs. 5,000 was spent on installation. On 01.06.2002, another plant was acquired for Rs. 65,000. On 02.01.2003, the first plant was totally destroyed and the amount of Rs. 2,500 only was realized by selling the scraps. It was not insured. On 20.10.2003, a second hand plant was purchased for Rs. 75,000 and a further sum of Rs. 7,500 was spent for repairs and Rs. 2,500 on its erection. It came into use on 15.11.2003. Depreciation has been provided @ 10% on the original cost annually on 31st December. It was the practice to provide depreciation for full year on all acquisitions made at any time during the year and to ignore the depreciation on any time sold during the year. In December 2003, it is decided to change the method of depreciation and to follow the rate of 15% on diminishing balance method with retrospective effect in respect of the existing items of plant and to make necessary adjustments on 31.12.2003.Closing balance in Plant A/c = __________.a)Rs. 1,40,000b)Rs. 1,50,000c)Rs. 1,60,000d)Rs. 1,70,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 01.01.2001, a new plant was purchased by Mrs. Shweta Periwal for Rs. 1,00,000 and a further sum of Rs. 5,000 was spent on installation. On 01.06.2002, another plant was acquired for Rs. 65,000. On 02.01.2003, the first plant was totally destroyed and the amount of Rs. 2,500 only was realized by selling the scraps. It was not insured. On 20.10.2003, a second hand plant was purchased for Rs. 75,000 and a further sum of Rs. 7,500 was spent for repairs and Rs. 2,500 on its erection. It came into use on 15.11.2003. Depreciation has been provided @ 10% on the original cost annually on 31st December. It was the practice to provide depreciation for full year on all acquisitions made at any time during the year and to ignore the depreciation on any time sold during the year. In December 2003, it is decided to change the method of depreciation and to follow the rate of 15% on diminishing balance method with retrospective effect in respect of the existing items of plant and to make necessary adjustments on 31.12.2003.Closing balance in Plant A/c = __________.a)Rs. 1,40,000b)Rs. 1,50,000c)Rs. 1,60,000d)Rs. 1,70,000Correct answer is option 'B'. Can you explain this answer?.

Solutions for On 01.01.2001, a new plant was purchased by Mrs. Shweta Periwal for Rs. 1,00,000 and a further sum of Rs. 5,000 was spent on installation. On 01.06.2002, another plant was acquired for Rs. 65,000. On 02.01.2003, the first plant was totally destroyed and the amount of Rs. 2,500 only was realized by selling the scraps. It was not insured. On 20.10.2003, a second hand plant was purchased for Rs. 75,000 and a further sum of Rs. 7,500 was spent for repairs and Rs. 2,500 on its erection. It came into use on 15.11.2003. Depreciation has been provided @ 10% on the original cost annually on 31st December. It was the practice to provide depreciation for full year on all acquisitions made at any time during the year and to ignore the depreciation on any time sold during the year. In December 2003, it is decided to change the method of depreciation and to follow the rate of 15% on diminishing balance method with retrospective effect in respect of the existing items of plant and to make necessary adjustments on 31.12.2003.Closing balance in Plant A/c = __________.a)Rs. 1,40,000b)Rs. 1,50,000c)Rs. 1,60,000d)Rs. 1,70,000Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation. Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.

Here you can find the meaning of On 01.01.2001, a new plant was purchased by Mrs. Shweta Periwal for Rs. 1,00,000 and a further sum of Rs. 5,000 was spent on installation. On 01.06.2002, another plant was acquired for Rs. 65,000. On 02.01.2003, the first plant was totally destroyed and the amount of Rs. 2,500 only was realized by selling the scraps. It was not insured. On 20.10.2003, a second hand plant was purchased for Rs. 75,000 and a further sum of Rs. 7,500 was spent for repairs and Rs. 2,500 on its erection. It came into use on 15.11.2003. Depreciation has been provided @ 10% on the original cost annually on 31st December. It was the practice to provide depreciation for full year on all acquisitions made at any time during the year and to ignore the depreciation on any time sold during the year. In December 2003, it is decided to change the method of depreciation and to follow the rate of 15% on diminishing balance method with retrospective effect in respect of the existing items of plant and to make necessary adjustments on 31.12.2003.Closing balance in Plant A/c = __________.a)Rs. 1,40,000b)Rs. 1,50,000c)Rs. 1,60,000d)Rs. 1,70,000Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of On 01.01.2001, a new plant was purchased by Mrs. Shweta Periwal for Rs. 1,00,000 and a further sum of Rs. 5,000 was spent on installation. On 01.06.2002, another plant was acquired for Rs. 65,000. On 02.01.2003, the first plant was totally destroyed and the amount of Rs. 2,500 only was realized by selling the scraps. It was not insured. On 20.10.2003, a second hand plant was purchased for Rs. 75,000 and a further sum of Rs. 7,500 was spent for repairs and Rs. 2,500 on its erection. It came into use on 15.11.2003. Depreciation has been provided @ 10% on the original cost annually on 31st December. It was the practice to provide depreciation for full year on all acquisitions made at any time during the year and to ignore the depreciation on any time sold during the year. In December 2003, it is decided to change the method of depreciation and to follow the rate of 15% on diminishing balance method with retrospective effect in respect of the existing items of plant and to make necessary adjustments on 31.12.2003.Closing balance in Plant A/c = __________.a)Rs. 1,40,000b)Rs. 1,50,000c)Rs. 1,60,000d)Rs. 1,70,000Correct answer is option 'B'. Can you explain this answer?, a detailed solution for On 01.01.2001, a new plant was purchased by Mrs. Shweta Periwal for Rs. 1,00,000 and a further sum of Rs. 5,000 was spent on installation. On 01.06.2002, another plant was acquired for Rs. 65,000. On 02.01.2003, the first plant was totally destroyed and the amount of Rs. 2,500 only was realized by selling the scraps. It was not insured. On 20.10.2003, a second hand plant was purchased for Rs. 75,000 and a further sum of Rs. 7,500 was spent for repairs and Rs. 2,500 on its erection. It came into use on 15.11.2003. Depreciation has been provided @ 10% on the original cost annually on 31st December. It was the practice to provide depreciation for full year on all acquisitions made at any time during the year and to ignore the depreciation on any time sold during the year. In December 2003, it is decided to change the method of depreciation and to follow the rate of 15% on diminishing balance method with retrospective effect in respect of the existing items of plant and to make necessary adjustments on 31.12.2003.Closing balance in Plant A/c = __________.a)Rs. 1,40,000b)Rs. 1,50,000c)Rs. 1,60,000d)Rs. 1,70,000Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of On 01.01.2001, a new plant was purchased by Mrs. Shweta Periwal for Rs. 1,00,000 and a further sum of Rs. 5,000 was spent on installation. On 01.06.2002, another plant was acquired for Rs. 65,000. On 02.01.2003, the first plant was totally destroyed and the amount of Rs. 2,500 only was realized by selling the scraps. It was not insured. On 20.10.2003, a second hand plant was purchased for Rs. 75,000 and a further sum of Rs. 7,500 was spent for repairs and Rs. 2,500 on its erection. It came into use on 15.11.2003. Depreciation has been provided @ 10% on the original cost annually on 31st December. It was the practice to provide depreciation for full year on all acquisitions made at any time during the year and to ignore the depreciation on any time sold during the year. In December 2003, it is decided to change the method of depreciation and to follow the rate of 15% on diminishing balance method with retrospective effect in respect of the existing items of plant and to make necessary adjustments on 31.12.2003.Closing balance in Plant A/c = __________.a)Rs. 1,40,000b)Rs. 1,50,000c)Rs. 1,60,000d)Rs. 1,70,000Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice On 01.01.2001, a new plant was purchased by Mrs. Shweta Periwal for Rs. 1,00,000 and a further sum of Rs. 5,000 was spent on installation. On 01.06.2002, another plant was acquired for Rs. 65,000. On 02.01.2003, the first plant was totally destroyed and the amount of Rs. 2,500 only was realized by selling the scraps. It was not insured. On 20.10.2003, a second hand plant was purchased for Rs. 75,000 and a further sum of Rs. 7,500 was spent for repairs and Rs. 2,500 on its erection. It came into use on 15.11.2003. Depreciation has been provided @ 10% on the original cost annually on 31st December. It was the practice to provide depreciation for full year on all acquisitions made at any time during the year and to ignore the depreciation on any time sold during the year. In December 2003, it is decided to change the method of depreciation and to follow the rate of 15% on diminishing balance method with retrospective effect in respect of the existing items of plant and to make necessary adjustments on 31.12.2003.Closing balance in Plant A/c = __________.a)Rs. 1,40,000b)Rs. 1,50,000c)Rs. 1,60,000d)Rs. 1,70,000Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.