Question

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* 2,400.00, 2nd year 2,980.00, 3rd year 2,875.00.
5. The Speed Transport Company purchased a motor truck for * 30,000 on 1st April, 2009. On July 1, 2009 another
truck was purchased for 7 12,000. On 1st Oct., 2011 the truck purchased on April 1, 2009 was sold for * 12,000
and a new truck-was purchased for 26,000 on the same date. On Aug. 1, 2012 the company exchanged, the
latest purchased truck for a new truck with the same vendor. The exchange agreement included the adjustment
of 20,000 for the truck returned and payment of 10,000 in-cash. The payment was made on 5th Aug., 2012.
The company further purchased a new truck for * 31,500 on 1st Oct., 2013. This Truck met accident on Dec. 1,
2014 and completely wrecked. The company received 20,000 from the insurance company in full satisfaction
of the claim on Dec. 28, 2014. The books are closed on 31st March each year and the company charges
depreciation 20% p.a. according to the fixed instalment method. Prepare Motor Truck Account.
114 000​

Answer 1

Answer:

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