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Following balance appear book of concentrated on 1st 2022 1st April account 60000 provision account 36000 on 1st April 2020 to the decide t o dispose of Mussoorie for 8400 which was purchase on 1st April 2018 for 16000 prepare machinery account provision for depreciation account non disposal account and year 30 and the year ended 31st March 2023 episode?
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Following balance appear book of concentrated on 1st 2022 1st April ac...
Machinery Account
- Purchase of Machinery:
- Date: 1st April 2018
- Cost: 16,000
- Disposal of Machinery:
- Date: 1st April 2022
- Sale Price: 8,400
- Carrying Amount Calculation:
- Cost: 16,000
- Less: Accumulated Depreciation (to be calculated)
Provision for Depreciation Account
- Depreciation Method:
- Assume straight-line method for simplicity.
- Depreciation Rate:
- Example Rate: 20% per annum
- Depreciation Calculation:
- Year 1 (2018-2019): 16,000 x 20% = 3,200
- Year 2 (2019-2020): 16,000 x 20% = 3,200
- Year 3 (2020-2021): 16,000 x 20% = 3,200
- Year 4 (2021-2022): 16,000 x 20% = 3,200
- Total Accumulated Depreciation by 31st March 2022: 12,800
- Net Book Value at Disposal:
- Carrying Amount = Cost - Accumulated Depreciation = 16,000 - 12,800 = 3,200
Non-Disposal Account
- Balance on Disposal:
- Sale Price: 8,400
- Carrying Amount: 3,200
- Profit on Sale = Sale Price - Carrying Amount = 8,400 - 3,200 = 5,200
Summary of Accounts for Year Ended 31st March 2023
- Machinery Account:
- Balance after disposal: 0 (if only one machinery was held)
- Provision for Depreciation Account:
- Final balance: 12,800 (before disposal)
- Non-Disposal Account:
- Profit from sale recorded: 5,200
This structured approach helps in tracking the financial implications of machinery transactions while ensuring accurate reporting and compliance.
- Purchase of Machinery:
- Date: 1st April 2018
- Cost: 16,000
- Disposal of Machinery:
- Date: 1st April 2022
- Sale Price: 8,400
- Carrying Amount Calculation:
- Cost: 16,000
- Less: Accumulated Depreciation (to be calculated)
Provision for Depreciation Account
- Depreciation Method:
- Assume straight-line method for simplicity.
- Depreciation Rate:
- Example Rate: 20% per annum
- Depreciation Calculation:
- Year 1 (2018-2019): 16,000 x 20% = 3,200
- Year 2 (2019-2020): 16,000 x 20% = 3,200
- Year 3 (2020-2021): 16,000 x 20% = 3,200
- Year 4 (2021-2022): 16,000 x 20% = 3,200
- Total Accumulated Depreciation by 31st March 2022: 12,800
- Net Book Value at Disposal:
- Carrying Amount = Cost - Accumulated Depreciation = 16,000 - 12,800 = 3,200
Non-Disposal Account
- Balance on Disposal:
- Sale Price: 8,400
- Carrying Amount: 3,200
- Profit on Sale = Sale Price - Carrying Amount = 8,400 - 3,200 = 5,200
Summary of Accounts for Year Ended 31st March 2023
- Machinery Account:
- Balance after disposal: 0 (if only one machinery was held)
- Provision for Depreciation Account:
- Final balance: 12,800 (before disposal)
- Non-Disposal Account:
- Profit from sale recorded: 5,200
This structured approach helps in tracking the financial implications of machinery transactions while ensuring accurate reporting and compliance.
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Following balance appear book of concentrated on 1st 2022 1st April account 60000 provision account 36000 on 1st April 2020 to the decide t o dispose of Mussoorie for 8400 which was purchase on 1st April 2018 for 16000 prepare machinery account provision for depreciation account non disposal account and year 30 and the year ended 31st March 2023 episode?
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Following balance appear book of concentrated on 1st 2022 1st April account 60000 provision account 36000 on 1st April 2020 to the decide t o dispose of Mussoorie for 8400 which was purchase on 1st April 2018 for 16000 prepare machinery account provision for depreciation account non disposal account and year 30 and the year ended 31st March 2023 episode? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Following balance appear book of concentrated on 1st 2022 1st April account 60000 provision account 36000 on 1st April 2020 to the decide t o dispose of Mussoorie for 8400 which was purchase on 1st April 2018 for 16000 prepare machinery account provision for depreciation account non disposal account and year 30 and the year ended 31st March 2023 episode? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Following balance appear book of concentrated on 1st 2022 1st April account 60000 provision account 36000 on 1st April 2020 to the decide t o dispose of Mussoorie for 8400 which was purchase on 1st April 2018 for 16000 prepare machinery account provision for depreciation account non disposal account and year 30 and the year ended 31st March 2023 episode?.
Following balance appear book of concentrated on 1st 2022 1st April account 60000 provision account 36000 on 1st April 2020 to the decide t o dispose of Mussoorie for 8400 which was purchase on 1st April 2018 for 16000 prepare machinery account provision for depreciation account non disposal account and year 30 and the year ended 31st March 2023 episode? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Following balance appear book of concentrated on 1st 2022 1st April account 60000 provision account 36000 on 1st April 2020 to the decide t o dispose of Mussoorie for 8400 which was purchase on 1st April 2018 for 16000 prepare machinery account provision for depreciation account non disposal account and year 30 and the year ended 31st March 2023 episode? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Following balance appear book of concentrated on 1st 2022 1st April account 60000 provision account 36000 on 1st April 2020 to the decide t o dispose of Mussoorie for 8400 which was purchase on 1st April 2018 for 16000 prepare machinery account provision for depreciation account non disposal account and year 30 and the year ended 31st March 2023 episode?.
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Following balance appear book of concentrated on 1st 2022 1st April account 60000 provision account 36000 on 1st April 2020 to the decide t o dispose of Mussoorie for 8400 which was purchase on 1st April 2018 for 16000 prepare machinery account provision for depreciation account non disposal account and year 30 and the year ended 31st March 2023 episode?, a detailed solution for Following balance appear book of concentrated on 1st 2022 1st April account 60000 provision account 36000 on 1st April 2020 to the decide t o dispose of Mussoorie for 8400 which was purchase on 1st April 2018 for 16000 prepare machinery account provision for depreciation account non disposal account and year 30 and the year ended 31st March 2023 episode? has been provided alongside types of Following balance appear book of concentrated on 1st 2022 1st April account 60000 provision account 36000 on 1st April 2020 to the decide t o dispose of Mussoorie for 8400 which was purchase on 1st April 2018 for 16000 prepare machinery account provision for depreciation account non disposal account and year 30 and the year ended 31st March 2023 episode? theory, EduRev gives you an
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