Question

The net profit of a firm for 2018, 2019 and 2020 were 29,600, 31,550 and 31,870 respectively, [C.U.B.Com. (Hons.)] calculating depreciation on a particular method on machinery and fixtures. All the assets in question were acquired on 1st January, 2018 for 1,28,000 (machinery) and 25,600 (fixtures and fittings). The method of depreciation used was the straight line method, assuming for the machinery a working life of 8 years and scrap value of 10,000 and for the fixtures and fittings a working life of 12 years and scrap value of 4,000. The method proposed to be used now is the reducing balance method (machinery (@25% p.a. and fixtures and fittings @12% % p.a.) You are asked to re-calculate the net profits for 2018, 2019 and 2020. Show also Journal entry to give effect to the above proposal on and from 31st December, 2020.​

Answer 1

Answer:

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Explanation:

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Answer 2

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