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a maruti van was purchase on 1.12008for rs 5,000 was spend on its repair and registration on 1.7.2009 another van was purchase for rs 70,000 on 1.1.2010 first van purchase on 1.1.2008 was sold for rs 45,000 and a new van conting rs 1 , 70,000 was purchase on the same date show maruti van account from 2008 2010 on the basic of straight line method if the reat of depreciation charged is 10% p. a. assume that books are closed on 31 st December, every year
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a maruti van was purchase on 1.12008for rs 5,000 was spend on its rep...
Maruti Van Account from 2008 to 2010
To maintain the Maruti Van account, we will record the purchases, repairs, sales, and depreciation based on the straight-line method at a rate of 10% per annum.
1. Purchase Details
- First Van:
- Purchase Date: 01.01.2008
- Cost: Rs 5,000
- Repairs and Registration: Rs 5,000 (on 01.07.2009)
- Second Van:
- Purchase Date: 01.01.2010
- Cost: Rs 70,000
- Sale of First Van:
- Sale Date: 01.01.2010
- Sale Price: Rs 45,000
- New Van:
- Purchase Date: 01.01.2010
- Cost: Rs 1,70,000
2. Depreciation Calculation
- First Van:
- Cost: Rs 10,000 (including repairs)
- Depreciation for 2008 (full year): 10% of Rs 10,000 = Rs 1,000
- Depreciation for 2009 (full year): 10% of Rs 10,000 = Rs 1,000
- Total Depreciation until Sale: Rs 2,000
- Second Van:
- Depreciation for 2010: 10% of Rs 70,000 = Rs 7,000
- New Van:
- Depreciation for 2010: 10% of Rs 1,70,000 = Rs 17,000
3. Summary of Accounts
- Total Cost of First Van: Rs 10,000
- Total Depreciation on First Van: Rs 2,000
- Net Book Value at Sale: Rs 8,000
- Loss on Sale: Rs 45,000 (sale price) - Rs 8,000 (net book value) = Rs 37,000
- Total Depreciation for 2010 (Second and New Van): Rs 7,000 + Rs 17,000 = Rs 24,000
4. Final Remarks
The Maruti Van account reflects the purchases, repairs, sales, and depreciation from 2008 to 2010, showcasing a clear picture of asset value and depreciation impact over the years.
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a maruti van was purchase on 1.12008for rs 5,000 was spend on its repair and registration on 1.7.2009 another van was purchase for rs 70,000 on 1.1.2010 first van purchase on 1.1.2008 was sold for rs 45,000 and a new van conting rs 1 , 70,000 was purchase on the same date show maruti van account from 2008 2010 on the basic of straight line method if the reat of depreciation charged is 10% p. a. assume that books are closed on 31 st December, every year Related: NCERT Solution (Part - 1) - Depreciation, Provisions and Reserves?
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a maruti van was purchase on 1.12008for rs 5,000 was spend on its repair and registration on 1.7.2009 another van was purchase for rs 70,000 on 1.1.2010 first van purchase on 1.1.2008 was sold for rs 45,000 and a new van conting rs 1 , 70,000 was purchase on the same date show maruti van account from 2008 2010 on the basic of straight line method if the reat of depreciation charged is 10% p. a. assume that books are closed on 31 st December, every year Related: NCERT Solution (Part - 1) - Depreciation, Provisions and Reserves? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about a maruti van was purchase on 1.12008for rs 5,000 was spend on its repair and registration on 1.7.2009 another van was purchase for rs 70,000 on 1.1.2010 first van purchase on 1.1.2008 was sold for rs 45,000 and a new van conting rs 1 , 70,000 was purchase on the same date show maruti van account from 2008 2010 on the basic of straight line method if the reat of depreciation charged is 10% p. a. assume that books are closed on 31 st December, every year Related: NCERT Solution (Part - 1) - Depreciation, Provisions and Reserves? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for a maruti van was purchase on 1.12008for rs 5,000 was spend on its repair and registration on 1.7.2009 another van was purchase for rs 70,000 on 1.1.2010 first van purchase on 1.1.2008 was sold for rs 45,000 and a new van conting rs 1 , 70,000 was purchase on the same date show maruti van account from 2008 2010 on the basic of straight line method if the reat of depreciation charged is 10% p. a. assume that books are closed on 31 st December, every year Related: NCERT Solution (Part - 1) - Depreciation, Provisions and Reserves?.
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