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Calculate the accumulated depreciation at date of disposal

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Question - A motor vehicle was purchased two years ago at a cost of Rs. 80,000. It has been depreciated by the reducing balance method at 25% each year. It has now been disposed for an amount of Rs. 41,000. Disposal costs were Rs. 200.

The balance on the motor vehicles account before the disposal was Rs. 720,000 and the balance on the accumulated depreciation of motor vehicles account was Rs. 250,000.

Required -

(a) Calculate the accumulated depreciation at date of disposal.

(b) Show the ledger entries for the Disposal and the gain/loss on disposal.

Reference no: EM132608131

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