machine was purchased on 01-01-2012 for 300000. Depreciation is charged at 15% p.a. under SLM method. e machine was sold on 01-07- 2015 for 160000. Calculate the profit.
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Answer:
20,000 rupees
Explanation:
Depreciation for the year 31 March 2008=existing machinery +new machinery
=1,00,000+20,000
rupees 1,20,000
working note
existing machinery=depreciuble amount×rate of depreciution
=5,00,000×20÷100
=1,00,000
new machinery=depreciuble amount×rate of depreciable×no of months
=2,00,000×20÷100×6÷100002
October to March = 20,000 rupees
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