Reference no: EM133134862
Questions -
Q1. A Motor vehicle was purchased on 01.01.2018 at a value of LKR 2,400,000 if the depreciation rate is 20% per annum and the depreciation method used is straight line method.
This Motor vehicle has been sold on 30.06.2019 for LKR 2,000,000.
Mention all the appropriate journal entries for above Scenario including the asset disposal account records.
Q2. You have received an invoice from supplier for printing & stationaries, Invoice date 25.02.2019, and payment for this invoice was done on 05.03.2019, Client is preparing monthly Profit & Loss statements.
I) According to cash basis, mention the month on when above transaction will reflect on the Profit & Loss statement
II) According to accrual basis, mention the month on when above transaction will reflect on the Profit & Loss statement
Q3. If the opening stock value is 150,000, closing stock value is 50,000 and the charge to the cost of sales is 200,000 in a month. Calculate the value of purchases during the month?
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