User Account

All Pages

depreciation, Financial Accounting

Assignment Help:
The non current asset section of Aadil & Co. at December 31, 2005 is as under:-
Land Rs. 1,000,000
Office equipment Rs. 5,000,000
Less: accumulated depreciation 250,000 4,750,000
Machinery Rs. 600,000
Less: accumulated depreciation 120,000 480,000
Total non current asset 6,230,000
OTHER INFORMATION:
• All assets were purchased on January 2, 2004
• The firm depreciates all assets on a straight line basis with no residual value and with
the following lives:
Office equipment 40 years
Machinery 10 years
The following transactions occurred during 2006:
Apr. 01. A new additional equipment was purchased for Rs. 1,000,000 and machinery at a cost of Rs. 50,000. All items were paid for in cash.
Jul. 15. Repairs of Rs. 5,000 were made for cash on machinery.
Sep. 30. Machinery with a cost of Rs. 100,000 and accumulated depreciation of
Rs. 20,000 (as of 31st December, 2005) was sold for Rs. 82,000 cash.
Dec. 31. Machinery with a cost of Rs. 50,000 and accumulated depreciation of Rs. 10,000 (as of 31st December, 2005) was traded in for new machinery. The firm received a trade-in allowance of Rs. 32,000. The list price of the new machinery is Rs. 85,000.
REQUIRED:
Make all the required Journal entries.
Show all necessary computation

Related Discussions:- depreciation

Balance Sheet, What is the function of balance sheet

What is the function of balance sheet

Credit multiplier formular and its applications., what is credit multiplier...

what is credit multiplier formular

Relevant cash flows , The City of Miami must replace a number of its concre...

The City of Miami must replace a number of its concrete mixer trucks with new trucks. It has received two bids and has evaluated closely the performance characteristics of the seve

EDP, For what EDP is using in accounting

For what EDP is using in accounting

Loan stock in subsidiary-group accounts , Loan stock in subsidiary The h...

Loan stock in subsidiary The holding company may also invest in the loan stock of the subsidiary company or part of the loan stock of the subsidiary company. The cost of the loa

What you did and thinking process, During 2012, Kimmel Co. incurred average...

During 2012, Kimmel Co. incurred average accumulated expenditures of $600,000 during construction of assets that qualified for capitalization of interest. The only debt outstanding

Order point formula, Order Point Formula The analysis discussed above t...

Order Point Formula The analysis discussed above tends to be somewhat cumbersome when probability distributions are most complex and dependent and multi-period cases are involv

State the role of accounting information, State the role of Accounting info...

State the role of Accounting information Accounting information has a significant role to play in reporting the extent to which different groups have benefited from the busines

Prepare a statement of financial position, SE CTION A QUESTION 1: ...

SE CTION A QUESTION 1: Below is a trial balance of a manufacturer of boots for the local market. Trial balance as at 31st December 2012 Dr Rs

The time value of money , Calculate the present value and determine the npv...

Calculate the present value and determine the npv, Financial Management. Assume today is 3 December 2009. Helen is 30 years old and has a Bachelor of Business. She is currently em

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd