Question: Q # 2 IQBAL BRS. have acquired a machine on January 01, 2018 by incurring the following expenditures on cash basis: List price Rs. 200,000

Q # 2

IQBAL BRS. have acquired a machine on January 01, 2018 by incurring the following expenditures on cash basis:

  1. List price Rs. 200,000 with 10% trade discount.
  2. During loading a part of machine is damaged due to negligence of staff costing Rs. 8,000.
  3. Machine was insured against risk of fire for Rs. 1,500 for six months.
  4. Sales tax on machine Rs. 20,000
  5. Installation and testing cost Rs. 8,000.
  6. Freight charges Rs. 9,000.
  7. Insurance in transit Rs. 6,000.
  8. Custom duty on machine Rs. 30,000
  9. Property tax on machine Rs. 5,000 for 6 months.

Required

Prepare separate schedules of Capital Expenditures and Revenue Expenditures and total it.

Q # 2

IQBAL BRS. have acquired a machine on January 01, 2018 by incurring the following expenditures on cash basis:

  1. List price Rs. 200,000 with 10% trade discount.
  2. During loading a part of machine is damaged due to negligence of staff costing Rs. 8,000.
  3. Machine was insured against risk of fire for Rs. 1,500 for six months.
  4. Sales tax on machine Rs. 20,000
  5. Installation and testing cost Rs. 8,000.
  6. Freight charges Rs. 9,000.
  7. Insurance in transit Rs. 6,000.
  8. Custom duty on machine Rs. 30,000
  9. Property tax on machine Rs. 5,000 for 6 months.

Required

Prepare separate schedules of Capital Expenditures and Revenue Expenditures and total it.

[;pleas do this question in hand writting

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