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On January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is?
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On January 1, 2010 Victory Ltd., purchased second hand machinery for R...
Calculation of Total Cost of Machinery:
To calculate the total cost of machinery, we need to consider the original purchase price of the machinery and all the additional expenses associated with its acquisition. Let's break down each component of the cost:
1. Purchase Price:
The original purchase price of the machinery is Rs. 50,000.
2. Shipping and Forwarding Charges:
An additional Rs. 2,000 was spent on shipping and forwarding charges. These charges are incurred to transport the machinery from the seller's location to the buyer's location.
3. Import Duty:
Rs. 1,000 was paid as import duty. Import duty is a tax imposed on goods imported from another country.
4. Carriage Inwards:
Rs. 1,000 was incurred as carriage inwards. Carriage inwards refers to the transportation cost of bringing the machinery from the place of purchase to the buyer's location.
5. Repair Charges:
Rs. 500 was spent on repairing the machinery. Repair charges are expenses incurred to fix any damages or faults in the machinery.
6. Installation Charges:
Rs. 200 was paid for the installation of the machinery. Installation charges include the cost of setting up and assembling the machinery at the buyer's premises.
7. Brokerage:
Rs. 400 was paid as brokerage to the middle man involved in the transaction. Brokerage charges are fees paid to intermediaries who facilitate the purchase or sale of goods.
8. Iron Pad:
Rs. 100 was spent on an iron pad. An iron pad is a material used to provide support and stability to the machinery.
Total Cost of Machinery:
To find the total cost of machinery, we need to sum up all the expenses:
Total Cost of Machinery = Purchase Price + Shipping and Forwarding Charges + Import Duty + Carriage Inwards + Repair Charges + Installation Charges + Brokerage + Iron Pad
Total Cost of Machinery = Rs. 50,000 + Rs. 2,000 + Rs. 1,000 + Rs. 1,000 + Rs. 500 + Rs. 200 + Rs. 400 + Rs. 100
Total Cost of Machinery = Rs. 55,200
Therefore, the total cost of the machinery is Rs. 55,200.
To calculate the total cost of machinery, we need to consider the original purchase price of the machinery and all the additional expenses associated with its acquisition. Let's break down each component of the cost:
1. Purchase Price:
The original purchase price of the machinery is Rs. 50,000.
2. Shipping and Forwarding Charges:
An additional Rs. 2,000 was spent on shipping and forwarding charges. These charges are incurred to transport the machinery from the seller's location to the buyer's location.
3. Import Duty:
Rs. 1,000 was paid as import duty. Import duty is a tax imposed on goods imported from another country.
4. Carriage Inwards:
Rs. 1,000 was incurred as carriage inwards. Carriage inwards refers to the transportation cost of bringing the machinery from the place of purchase to the buyer's location.
5. Repair Charges:
Rs. 500 was spent on repairing the machinery. Repair charges are expenses incurred to fix any damages or faults in the machinery.
6. Installation Charges:
Rs. 200 was paid for the installation of the machinery. Installation charges include the cost of setting up and assembling the machinery at the buyer's premises.
7. Brokerage:
Rs. 400 was paid as brokerage to the middle man involved in the transaction. Brokerage charges are fees paid to intermediaries who facilitate the purchase or sale of goods.
8. Iron Pad:
Rs. 100 was spent on an iron pad. An iron pad is a material used to provide support and stability to the machinery.
Total Cost of Machinery:
To find the total cost of machinery, we need to sum up all the expenses:
Total Cost of Machinery = Purchase Price + Shipping and Forwarding Charges + Import Duty + Carriage Inwards + Repair Charges + Installation Charges + Brokerage + Iron Pad
Total Cost of Machinery = Rs. 50,000 + Rs. 2,000 + Rs. 1,000 + Rs. 1,000 + Rs. 500 + Rs. 200 + Rs. 400 + Rs. 100
Total Cost of Machinery = Rs. 55,200
Therefore, the total cost of the machinery is Rs. 55,200.
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On January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is?
Question Description
On January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is? 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 January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is?.
On January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is? 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 January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is?.
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On January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is?, a detailed solution for On January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is? has been provided alongside types of On January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is? theory, EduRev gives you an
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