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DEPRECIATION CONCEPT ASSIGNMENT SOLUTION

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"DEPRECIATION CONCEPT ASSiGNMENT SOLUTION:-st q) On 1 jan-2003 a firm Purchased plant and Machinary costing 22,000$.It is estimated that itsworking life is 5 years and at the end ofwhich it will fetch3,000 $..Show Plant and MachinaryAccount For 4 yea..

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"DEPRECIATION CONCEPT ASSiGNMENT SOLUTION:-st q) On 1 jan-2003 a firm Purchased plant and Machinary costing 22,000$.It is estimated that itsworking life is 5 years and at the end ofwhich it will fetch3,000 $..Show Plant and MachinaryAccount For 4 years, if depreciation is Charged according to Straight Line Method..?Solution:-Staight Line Formulae Appled..Annual Depreciation = Cost ofthe Asset – Scrapvalue ________________________Estimated Life Of the Asset=22000$ – 3000$ =19000$19000$/5 =3800$Plant and Machinary AccountDr.Cr.Date Particulars USD $ Date particularsUSD$1.1.2003To Bank22,000$31.12.2013 By Depreciation3,800$ “ By Balance C/d18,200$ _________ _________22,000$22,000$__________________1.1.2004To Balance b/d18,200$31.12.2017 By Depreciation 3,800$“By Balance C/d 14,400$ ______________________ 18,200$18,200$ ______________________ 1.1.2005To balance b/d 14,400$31.12.2005 By Depreciation3,800$ “ By Balance c/d 10,600$ ________ _________ 14,400$ 14,400$_______ ________1.1.2006 To balance b/d 10,600$ 31.12.2006 By depreciation 3,800$ “By Balance c/d6,800$ ___________ ________10,600$ 10,600$ ___________________1.1.2007To balance b/d6,800$2003 -2006 Calculate Plant and Machinery with Depreciation Charge ---Finally Plant and MachinerySale in the Market Cost –6800$ "

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