Question

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closes hiY DOOKS on Ist December every year.
[C.U,B.Com.(Hons.2014)]
5. A Company purchases 10 cars for 80,000 each. It is estimated that the residual value of each car is
8,000 after charging depreciation on Straight Line Method at the end of their economic life time of 5
years. At the end of the 2nd year the company sold away one car for 50,000 and at the beginning of
the 3rd year purchased a new car for 85,000, scrap value after 5 years is estimated at 10,000. In the
middle of the 3rd year another car was sold for * 65,000.
You are required to show Motor Car Account for the first three years.​

Answer 1

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