2.2. On 1st Apr, 2009, Tantra Ltd. purchased a second hand machine for 80,000 and spent 20,000 on its
installation. The scrap value at the end of its expected useful life of 4 years is estimated at
340,000. On 30th Sep 2011, the machine was sold for 50,000. Depreciation is charged on Original Cost Method.
Prepare Machinery Account and Depreciation Account for the years 2009-10, 2010-11 and 2011-12
assuming that the accounts are closed on 31st March every year.
Answers
Answer:
Tantra Ltd. purchased a second hand machine for 80,000 and spent 20,000 on its installation
Explanation:
Price is the quantity of assets sacrificed so one can obtain sure items or services. money or its equivalent said in monetary gadgets are the assets forfeited.
fee, in keeping with the Chartered Institute of management Accountants, London, is "the sum of
expenditure (real or hypothetical) made on or associated with a certain object or activity.
This business interest could entail the advent of a very good or the provision of a provider, both of which need spending on a spread of factors like labour, materials, and other expenses. A firm that produces goods is interested by finding out how a great deal every unit of the product fees to produce, even as a enterprise that offers services, any such transportation company, canteen, strength provider, municipality, and so forth.,
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