Quick answer of this accounting questions Ms. X purchased machinery for Rs 80,000 and spent Rs 8,000 ontransportation, Rs 6,000 on installation, and Rs 2,000 on foundation work.The machine is depreciated at 15% per annum on the written down valuemethod. After 4 years, the machine was sold for Rs 55,000, and Ms. X paidRs 1,000 as commission to the agent. Calculate the profit or loss on the saleof the machine.

Step 1: Definition of Written Down Value (WDV) MethodThe Written Down Value (WDV) Method of…

Answered: Ms. X purchased machinery for Rs 80,000…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 58P

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Mr. A bought a machine for Rs 25,000 on which he spent Rs 5,000 for carriage and freight; Rs 1,000 for brokerage of the middleman; Rs 3,500 for installation and Rs 500 for an iron pad. The machine is depreciated @ 10% every year on a written down basis. After three years the machine was sold to Mr. B for Rs 30,500 and Rs 500 was paid as commission to the broker. Find out the profit or loss on the sale of the machine.
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Question: Mr. R bought a machine for Rs 25,000 on which he spent Rs 5,000 for carriage and freight; Rs 1,000 for brokerage of the middleman; Rs 3,500 for installation and Rs 500 for an iron pad. The machine is depreciated @ 10% every year on a written down basis. After three years the machine was sold to Mr. B for Rs 30,500 and Rs 500 was paid as commission to the broker. Find out the profit or loss on the sale of the machine. Please help me
Question: Mr. R bought a machine for Rs 25,000 on which he spent Rs 5,000 for carriage and freight; Rs 1,000 for brokerage of the middleman; Rs 3,500 for installation and Rs 500 for an iron pad. The machine is depreciated @ 10% every year on a written down basis. After three years the machine was sold to Mr. B for Rs 30,500 and Rs 500 was paid as commission to the broker. Find out the profit or loss on the sale of the machine. No wrong answer
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he ist machine for Rs.38,500 and on the same date purchased a new machinery for Rs.50,000. Depreciation is provided @ 20% p.a. on cost each year. Accounts are closed each year on 31" March. Show the Machinery account for three years. 0.5P Ltd. made a profit of Rs.5,00,000 after considering the following items: I. Preliminary expenses written off II. Depreciation on fixed assets III. Loss on sale of Machinery IV. Provision for doubtful debts Rs 5,000 50,000 20,000 10,000 7,500 V. Gain on Sale of Land The following is the position of current assets & current liabilities: Particulars 2017 (Rs.) 52,000 15,000 2,000 40,000 19,000 34,000 2018 (Rs.) 78,000 12,000 3,000 51,000 12,000 20,000 Debtors Bills Receivable Prepaid Expenses Creditors Bills Payable Expenses Payable Calculate Cash flow from Operating activities. Q.6 Calculate the current ratio and quick ratio from the following particulars and also give your comments about the sanme: Rs. 4,000 Cash
A piece of construction equipment (asset class 15.0) was purchased by the Jones Construction Company. The cost basis was $300,000. Solve, a. Determine the GDS and ADS depreciation deductions for this property. b. Compute the difference in PW of the two sets of depreciation deductions in Part (a) if i = 12% per year.

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