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/-
Answers were Sorted based on User's Feedback
Answer / chalapathi rao govada
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 ? | 24 Yes | 2 No |
Answer / b.narasimha rao
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 ? | 6 Yes | 5 No |
Answer / bselvakumar
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
Total depriciation 29153
add sold value 25000
54153
net profit on sales 54153- cost 50000 = 4153
Is This Answer Correct ? | 2 Yes | 2 No |
Answer / sachin
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 ? | 2 Yes | 3 No |
Expand DPCO
what tax will be on puchasing of sweets and is necessery to use form 38.
Nature of training account with reason
wat is the online accounting ?please explain this?
can you define exogenity endogenity both terms are from economics both are different from exogenous & endogenous variables. I can not find the answers. please help if you can....
expand P P Division
Please let me know the journal entry for the below. "A" paid Rs.100 to "C" on behalf of "B"
What is difference between traveling and conveyance?
What is Asset& Liabilities? What is depreciation And define methods. what is BRS and when we can use . Explain Acconting concepts & principles. General entry for paybles. What is dividend?
what is book profit
Deposited Rs 25000 in Canara Bank of ABC co towards dealership deposit thru our SBH Bank Pass necessary entry
Q5 Prepare a Balance sheet from the following particulars: Gross profit =Rs.80,000 Gross profit to cost of goods sold =1/3 Stock velocity =6 times Opening stock =Rs.36,000 Accounts receivable velocity =72 days (year=360 days) Current assets=Rs.1,50,000 Account payable velocity=90 days Bills receivable =Rs.20,000 Bills payable=Rs.5,000 Fixed assets turnover ratio (on cost of goods sod)=8 times