Calculate the profit/loss on sale of the following assets as on 30th sept

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Question

Calculate the profit/loss on sale of the following assets 
as on 30th september 2000			
cost of the asset on 01.05.95			50000/-
Salvage Value			5000/-
Method of depriciation & date 			WDV 15%
sales of asset on 30.09.2000			Rs 25000/-

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Re: Calculate the profit/loss on sale of the following assets as on 30th september 2000 cost of the asset on 01.05.95 50000/- Salvage Value 5000/- Method of depriciation & date WDV 15% sales of asset on 30.09.2000 Rs 25000/-

Answer
# 1

Calculation of Profit or loss on sale of a asset	
			
Sale value 				         25000
Less:				
Cost of the asset on 1-5-95		50,000 	
	Less:Dep for 1995		 5,000 	
	WDV on Jan 1st 1996		 45,000 	
	Less:Dep for 1996		 6,750 	
	WDV on Jan 1st 1997		 38,250 	
	Less: Dep for 97		 5,738 	
	WDV on Jan 1st 98		 32,513 	
	Less: Dep for 98		 4,877 	
	WDV on Jan 1st 99		 27,636 	
	Less: Dep for 99		 4,145 	
	WDV on Jan 1st 2000		 23,490 	
	Less:Dep for 2000		 2,643 	
	WDV on 30/9/00		         20,848    20848

Profit on Sale of Asset				    4152

Is This Answer Correct ?

11 Yes

0 No

Chalapathi Rao Govada

Answer
# 2

ASSET VALUE-SALVAGE VALUE
 50000-5000=45000

FOR 31/12/95 ONLY FOR 8 MONTHS     
45000*15/100=6750/12*8     =4500
FOR 31/12/96        45000-4500=40500*15/100=6075
FOR 31/12/97        40500-6075=34425*15/100=5163
FOR 31/12/98        34425-5163=29262*15/100=4389
FOR 31/12/99        29262-4389=24873*15/100=3730
FOR 30/09/2000      24873-3730=21143*15/100=3171/12*9=2378

30/09/2000 ASSET VALUE =21143-2378=18765
PROFIT ON SALE OF ASSET =SALE OF ASSET-ASSET VALUE

25000-18765=6235

SO PROFIT ON SALE OF ASSET =6235

Is This Answer Correct ?

3 Yes

1 No

B.narasimha Rao

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