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/-
- 4 Answers
- 10114 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
bank exam paper
WHAT IS THE DIFFERENCE BETWEEN PUBLIC COMPANY AND PRIVATE COMPANY? MUTUAL FUNDS? GOOD WILL? ABOUT YOUR PROJECTS?
Difference between cash and merchantile system?
which name written in Tan application form Applicant is sole proprieter companies name or individual name?
what is the main link between the income statement and the balance sheet?
Since the interest rates on fixed deposits are very low as compared to the other growth oriented investment options, what are the permitted investment options that a public trust like that of a private school or small credit societies have and which are permitted by charity commissioner, Mumbai
If income and expense both are equal then what it depicts
If a bank lends money to FFMC's for working capital requirement, whether the Bank can have charge on the currencies FFMC deal/exchange, by way of hypothecation or is it just a clean loan.
what is a Depository Participant?
EXPAND___________NPO
Expand ________FIPB
What will your outlook towards maintenance of liquid assets to ensure that the firm has adequate cash in hand to meet its obligations at all times
What is the value of inventory as per Financial Accounts (AS2) and as per Cost accounts? Someone told me that as per cost accounts only works costs is considered in CARR while for FA, AS2 is followed with cost or NRV whichever is lowewr? Please explain the difference.
Short Answer on _________Financial accounting
what do you meant auction? what is F & o segment?
