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On 1 Jan 2015 x Limited purchase the machinery for 600000 addition was based on 1 July 2015 for 500000 and on 1 December 2015 for 480000 on 1 November 2016 company sold a machinery costing 240000 purchases on 1 Jan 2015 at a loss of 20%?
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On 1 Jan 2015 x Limited purchase the machinery for 600000 addition was...
Calculation of Loss on Sale of Machinery
1. Calculation of Cost of Machinery
- On 1 Jan 2015, x Limited purchased machinery for $600,000.
- On 1 July 2015, x Limited made an additional purchase of machinery for $500,000.
- On 1 December 2015, x Limited made another purchase of machinery for $480,000.
The total cost of machinery is calculated as follows:
$600,000 + $500,000 + $480,000 = $1,580,000
2. Calculation of Loss on Sale
- On 1 November 2016, x Limited sold a machinery that was purchased on 1 Jan 2015 for $240,000.
- The loss on sale is given as 20% of the cost of machinery sold.
The loss on sale is calculated as follows:
20% of $240,000 = $48,000
Explanation of Loss on Sale
- The loss on sale of machinery occurs when the selling price is lower than the cost price.
- In this case, the machinery was sold for $240,000, but the cost of the machinery was $600,000.
- The loss on sale is calculated as 20% of the cost price, which is $48,000.
Conclusion
- x Limited incurred a loss of $48,000 on the sale of machinery.
- The loss on sale is calculated as 20% of the cost price of the machinery sold, which was $240,000.
- The cost of the machinery purchased by x Limited includes the initial purchase of $600,000, an additional purchase of $500,000, and another purchase of $480,000, totaling $1,580,000.
1. Calculation of Cost of Machinery
- On 1 Jan 2015, x Limited purchased machinery for $600,000.
- On 1 July 2015, x Limited made an additional purchase of machinery for $500,000.
- On 1 December 2015, x Limited made another purchase of machinery for $480,000.
The total cost of machinery is calculated as follows:
$600,000 + $500,000 + $480,000 = $1,580,000
2. Calculation of Loss on Sale
- On 1 November 2016, x Limited sold a machinery that was purchased on 1 Jan 2015 for $240,000.
- The loss on sale is given as 20% of the cost of machinery sold.
The loss on sale is calculated as follows:
20% of $240,000 = $48,000
Explanation of Loss on Sale
- The loss on sale of machinery occurs when the selling price is lower than the cost price.
- In this case, the machinery was sold for $240,000, but the cost of the machinery was $600,000.
- The loss on sale is calculated as 20% of the cost price, which is $48,000.
Conclusion
- x Limited incurred a loss of $48,000 on the sale of machinery.
- The loss on sale is calculated as 20% of the cost price of the machinery sold, which was $240,000.
- The cost of the machinery purchased by x Limited includes the initial purchase of $600,000, an additional purchase of $500,000, and another purchase of $480,000, totaling $1,580,000.
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On 1 Jan 2015 x Limited purchase the machinery for 600000 addition was based on 1 July 2015 for 500000 and on 1 December 2015 for 480000 on 1 November 2016 company sold a machinery costing 240000 purchases on 1 Jan 2015 at a loss of 20%?
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On 1 Jan 2015 x Limited purchase the machinery for 600000 addition was based on 1 July 2015 for 500000 and on 1 December 2015 for 480000 on 1 November 2016 company sold a machinery costing 240000 purchases on 1 Jan 2015 at a loss of 20%? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about On 1 Jan 2015 x Limited purchase the machinery for 600000 addition was based on 1 July 2015 for 500000 and on 1 December 2015 for 480000 on 1 November 2016 company sold a machinery costing 240000 purchases on 1 Jan 2015 at a loss of 20%? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 1 Jan 2015 x Limited purchase the machinery for 600000 addition was based on 1 July 2015 for 500000 and on 1 December 2015 for 480000 on 1 November 2016 company sold a machinery costing 240000 purchases on 1 Jan 2015 at a loss of 20%?.
On 1 Jan 2015 x Limited purchase the machinery for 600000 addition was based on 1 July 2015 for 500000 and on 1 December 2015 for 480000 on 1 November 2016 company sold a machinery costing 240000 purchases on 1 Jan 2015 at a loss of 20%? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about On 1 Jan 2015 x Limited purchase the machinery for 600000 addition was based on 1 July 2015 for 500000 and on 1 December 2015 for 480000 on 1 November 2016 company sold a machinery costing 240000 purchases on 1 Jan 2015 at a loss of 20%? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 1 Jan 2015 x Limited purchase the machinery for 600000 addition was based on 1 July 2015 for 500000 and on 1 December 2015 for 480000 on 1 November 2016 company sold a machinery costing 240000 purchases on 1 Jan 2015 at a loss of 20%?.
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