Q4.Metropol Ltd. acquired a machinery for Rs. 5,00,000 on 1St April 2009. Rs. 40,000 weregiven as wages for its installation. A similar machine was available in the market at Rs.4,00,000. Depreciation was to be charged at 20% p.a. on SLM basis.On 1st April, 2011 a modification was made to machinery to improve its technicalefficiency at a cost of Rs. 50,000 which it was considered would extend the useful life bytwo years. At the same time, the machine was painted at cost of Rs. 10,000 so that itlooks new.Routine machine maintenance during the year ending 31St March 2012 is Rs.7,500.Show for the year ending 31St March 2012:i. Machine Accountii. Provision for Depreciationiii. Relevant portions of P&L Account showing revenue charge relating to machineaccount.iv. Working note should form part of Solution

A depreciation expenditure seems to be the sum removed from operating income to account for a…

Answered: Metropol L given as wa 4,00,000. D On…

Business

Accounting

Metropol L given as wa 4,00,000. D On 1st April efficiency at two years. looks new. Routine mac

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Q4.
Metropol Ltd. acquired a machinery for Rs. 5,00,000 on 1St April 2009. Rs. 40,000 were
given as wages for its installation. A similar machine was available in the market at Rs.
4,00,000. Depreciation was to be charged at 20% p.a. on SLM basis.
On 1st April, 2011 a modification was made to machinery to improve its technical
efficiency at a cost of Rs. 50,000 which it was considered would extend the useful life by
two years. At the same time, the machine was painted at cost of Rs. 10,000 so that it
looks new.
Routine machine maintenance during the year ending 31St March 2012 is Rs.7,500.
Show for the year ending 31St March 2012:
i. Machine Account
ii. Provision for Depreciation
iii. Relevant portions of P&L Account showing revenue charge relating to machine
account.
iv. Working note should form part of Solution

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