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On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.?
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On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000...
Updating Machinery Account:
1. Initial Purchase and Reconditioning:
- Second-hand machine purchased for ₹40,000
- Reconditioning cost of ₹6,000
- Total cost = ₹46,000
2. New Machine Purchase:
- New machine purchased on January 1, 2013 for ₹24,000
3. Sale of Machine:
- Machine purchased on January 1, 2013 sold for ₹16,000 on June 30, 2014
- Another machine installed at a cost of ₹30,000
4. Depreciation:
- The company writes off 10% of the original cost every year on March 31
5. Calculations:
- Depreciation for the second-hand machine for the year 2012-2013 = 10% of ₹40,000 = ₹4,000
- Depreciation for the new machine for the year 2013-2014 = 10% of ₹24,000 = ₹2,400
6. Machinery Account Update:
- Opening balance (as of July 1, 2012): ₹46,000
- Add: New machine purchase on January 1, 2013: ₹24,000
- Less: Depreciation for the year 2012-2013: ₹4,000
- Less: Depreciation for the year 2013-2014: ₹2,400
- Less: Sale of machine on June 30, 2014: ₹16,000
- Add: Installation of new machine on June 30, 2014: ₹30,000
The updated Machinery Account will show the remaining balance after adjusting for depreciation and transactions related to the purchase and sale of machines.
1. Initial Purchase and Reconditioning:
- Second-hand machine purchased for ₹40,000
- Reconditioning cost of ₹6,000
- Total cost = ₹46,000
2. New Machine Purchase:
- New machine purchased on January 1, 2013 for ₹24,000
3. Sale of Machine:
- Machine purchased on January 1, 2013 sold for ₹16,000 on June 30, 2014
- Another machine installed at a cost of ₹30,000
4. Depreciation:
- The company writes off 10% of the original cost every year on March 31
5. Calculations:
- Depreciation for the second-hand machine for the year 2012-2013 = 10% of ₹40,000 = ₹4,000
- Depreciation for the new machine for the year 2013-2014 = 10% of ₹24,000 = ₹2,400
6. Machinery Account Update:
- Opening balance (as of July 1, 2012): ₹46,000
- Add: New machine purchase on January 1, 2013: ₹24,000
- Less: Depreciation for the year 2012-2013: ₹4,000
- Less: Depreciation for the year 2013-2014: ₹2,400
- Less: Sale of machine on June 30, 2014: ₹16,000
- Add: Installation of new machine on June 30, 2014: ₹30,000
The updated Machinery Account will show the remaining balance after adjusting for depreciation and transactions related to the purchase and sale of machines.
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On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.?
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On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.?.
On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.?.
Solutions for On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.? in English & in Hindi are available as part of our courses for UPSC.
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On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.?, a detailed solution for On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.? has been provided alongside types of On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.? theory, EduRev gives you an
ample number of questions to practice On July 1, 2012 Granites Ltd. purchased second hand machine for 40,000 and reconditioned the same by spending 6,000. On January 1, 2013 a new machine was purchased for ₹24,000. On June 30, 2014 the machine purchased on January 1, 2013 was sold for ₹16,000 and another machine was installed at a cost of ₹30,000. The company writes of 10% on original cost every year on March 31. Show the Machinery account update.? tests, examples and also practice UPSC tests.
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