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Describe the major parts of the income statements

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Reference no: EM132627866

Problem 1: Describe the major parts of the income statements and balance sheet of a merchandising concern.

Problem 2: On April 15, 2018, ABC Company purchased a new machine for Rs. 55,000 with a  residual value of Rs. 5,000, having all estimated useful life of 5 years. It spent Rs.  12,500 on its erection and installation.

Compute account under the following depreciation methods:

a) Straight-line
b) Double declining-balance

Reference no: EM132627866

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