H Ltd. charged depreciation at 10% p.a. on diminishing balances. On 1.1.2013 there was a balance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
H Ltd. charged depreciation at 10% p.a. on diminishing balances. On 1.1.2013 there was a balance of 2,43,000 in Machinery Account. On 1.7.2013 new machine costing ? 72,000 was installed. Installation charge amounted to 3,000. On 1.7.2013 a machine was sold for 43,000 the cost of which was 60,000 as on 1.1.2011. It was decided in 2013 to change the depreciation method from diminishing balance to straight line with effect from 1.1.2011, keeping the rate of depreciation same as before. Show the Machinery Account in the books of the company for 2013. H Ltd. charged depreciation at 10% p.a. on diminishing balances. On 1.1.2013 there was a balance of 2,43,000 in Machinery Account. On 1.7.2013 new machine costing ? 72,000 was installed. Installation charge amounted to 3,000. On 1.7.2013 a machine was sold for 43,000 the cost of which was 60,000 as on 1.1.2011. It was decided in 2013 to change the depreciation method from diminishing balance to straight line with effect from 1.1.2011, keeping the rate of depreciation same as before. Show the Machinery Account in the books of the company for 2013.
Expert Answer:
Answer rating: 100% (QA)
MAchine account 112013 Balance bf 243000 Depreciation t... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
? ? Ever Markets prepares marketing plans for growing businesses. For 2017, budgeted revenues are $800,000 based on 400 marketing plans at an average rate per plan of $2,000. The company would like...
-
A box with an unknown mass is hanging from two ropes as shown to the right. If the tension in each rope is 73.5 Newtons, calculate the mass of the box. Tension in each rope = 73.5N
-
The books of Torrent Company show the following account balances as of March 1: The work in process account is supported by the following job order cost sheets: During March, the following...
-
This case will enable you to practice conducting planning and substantive analytical procedures for accounts in the revenue cycle. When analyzing the financial data, you may assume that the 2015...
-
Recall that if x is the number of successes in n trials of a binomial setting with probability of success p on each trial, the likelihood function, p( x p), can be expressed as p(x|) = x (1 )n-x...
-
Identify the problem described in this case study. In what sense is it an ethical dilemma?
-
What is the magnetic field at the center of the loop in Figure P24.17? Figure P24.17 2.0 cm 5.0 A
-
The flex in the flexible budget relates solely to variable costs. Do you agree? Explain.
-
Ritesh is reviewing his investment transactions for the year and determines he has net short-term capital losses of $5,100 and net long-term capital gains of $7,700. Below is Ritesh's tax...
-
During the courtship and negotiation stages, managers often emphasize "equal partnerships" and do not reveal (or even try to hide) their true intentions. What are the ethical dilemmas here?
-
Susan made $40,000 in taxable income last year. Suppose the income tax rate is 15% for the first $7500 plus 19% for the amount over $7500. How much must Susan pay in income tax for last year?
-
Many workers who move to New York City for a new job get a raise in their pay, but this raise in pay does not completely cover the increased cost of living. What does this say about the desirability...
-
People engaged in the hospitality sector usually receive lower wages, and tips make up a certain percentage of their income. However, some occupations in a hotel may provide considerably lower daily...
-
Many taxes in the United States are collected according to the ability-to-pay principle. Can you think of a government service that is taxed according to the benefits received principle?
-
The issue of asymmetric information in news reporting has acquired greater importance in the age of the Internet. In 2013, the Oxford Internet Survey reported that traditional media like TV and the...
-
The government taxes both clothing and tobacco. For a similarly sized tax, would you expect the quantity demanded of clothing or tobacco to be more affected?
-
36000'00" 25543'57" = ? - (Write your answer as: 57:08:35)
-
In the simple quantity theory of money, what will lead to an increase in aggregate demand? In monetarism, what will lead to an increase in aggregate demand?
-
The Alton Company uses the perpetual inventory system. Record the transactions in a two-column journal. All credit sales are n/30. 201X June 5 Purchased merchandise on account totaling $2,100; terms...
-
The stockholders equity of Darwin Company is as follows: Given a redemption value of $110, calculate the book value of preferred and common stock, assuming the following: a. No dividends in arrears...
-
T. J. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2012, Accounts Receivable has a $120,000 balance. Journalize the following transactions for T....
-
Which of the following is a discrete probability distribution? Approach In a discrete probability distribution, the sum of the probabilities must equal 1, and all probabilities must be between 0 and...
-
Graph the discrete probability distribution given in Table 1 from Example 2. Approach In the graph of a discrete probability distribution, the horizontal axis represents the values of the discrete...
-
Compute the mean of the discrete random variable given in Table 1 from Example 2. Approach Find the mean of a discrete random variable by multiplying each value of the random variable by its...
Study smarter with the SolutionInn App