On 1st January, 2019 Kohinoor Transport Company purchased a Bus for 8,00,000. On 1st July, 2020...
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On 1st January, 2019 Kohinoor Transport Company purchased a Bus for 8,00,000. On 1st July, 2020 this bus was damaged due to fire and was completely destroyed and *6,00,000 were received by a cheque from the Insurance Company in full settlement on 1st October, 2020. On 1st July, 2020 another Bus was purchased by the company for 10,00,000. The Company charges Depreciation @20% per annum under the WDV Method. Calculate the amount of depreciation for the year ended 31st March, 2021 and gain or loss on the destroyed Bus. (5 Marks) On 1st January, 2019 Kohinoor Transport Company purchased a Bus for 8,00,000. On 1st July, 2020 this bus was damaged due to fire and was completely destroyed and *6,00,000 were received by a cheque from the Insurance Company in full settlement on 1st October, 2020. On 1st July, 2020 another Bus was purchased by the company for 10,00,000. The Company charges Depreciation @20% per annum under the WDV Method. Calculate the amount of depreciation for the year ended 31st March, 2021 and gain or loss on the destroyed Bus. (5 Marks)
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