Question

)
1 A company pur
Tation. It was brought into use from 1
14. Il further spent 1400 on its
use from 1st May, 2014. You are required to prepare Plant
the first Four years when rate of depreciation is 10%
(Ans. Total Depreciation = 11,880)
14 for 60,000 and 5,000 was spent on its repairs
accou
installation. It
account and depreciation
p.a. on straight line method.
5. A Maruti van was purchase
and registration. On 1.7.2015
van purchased on 1.1.2014
purchased on the same da
straight line method, if the
172015 another van was purchased for 70,000. On 1.1.2016 first
1 2014 was sold for 45,000 and a new van costing * 1.70.000 was
he same date. Show Maruti van account from 2014-2016 on the basis of
ethod, if the rate of depreciation charged is 10% p.a. Assume that Books are
(Ans. 2,12,500)
6. A company purchased a machin
closed on 31st December every year.
ny purchased a machinery on 1st April, 2015 costing * 29,500, it spent * 500 on its
age. It further purchased a machinery on 1st October, 2015 costing *20,000 and on 1st
July, 2016 costing 10,000. On 1st January, 2017. The machinery installed on 1st April,
2015 was sold for 3,000.
Prepare machinery account for 3 years if depreciation is to be charged @ 10% p.a. by fixed
installitent method. The books are closed on 31st December each year.
(Ans. Balance of Machinery A/c as on 31st Dec., 2017*24,000 Loss on sale 21,750)
7. A company purchased a small plant on 1st April, 2015 for * 45,000. On 1st Oct., 2015
urchased costing 22,500. On 1st Oct., 2016 Plant purchased on ist
20
nhocad for​

Answer 1

Answer:

Liabilities are defined as a company's legal financial debts or obligations that arise during the course of business operations. ... Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, and accrued expenses.