Question

Question 28.
On 1st October, 2010, Meenal Sharma bought a machine for ₹ 25,000 on which he spent ₹ 5,000 for carriage and freight; ₹ 1,000 for brokerage of the middle-man, ₹ 4,000 for installation. The machine is depreciated @ 10% p.a. on written down value basis. On 31st March, 2013 the machine was sold to Deepa for ₹ 30,500 and ₹ 500 was paid as commission to broker through whom the sales was effected. Find out the profit or loss on sale of machine if accounts are closed on 31st March, every year.

Answer 1

The profit on the sale of machine amounts to Rs 3,068

Explanation:

Working note:

Cost of machine = Rs 25,000 + Rs 5,000 + Rs 1,000 + Rs 4,000

= Rs 35,000

Answer 2

Rs 3,068

Explanation:

Given:

Cost of machine = all the charges applied on it on total

= Rs 25,000 + Rs 5,000 + Rs 1,000 + Rs 4,000

= Rs 35,000

Machinery cost = 25,000 +5,000 + 1000 +4,000 = 35,000 Working Note: Calculation of profit or Loss on sales of machinery is attached with image.

thus, the correct answer is -  Rs. 3068.

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