Question: A tractor which cost Rs.30,000 had an estimated life of 5 years and an estimated salvage

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Question: A tractor which cost Rs.30,000 had an estimated life of 5 years and an estimated salvage value of Rs.10,000. Straight line depreciation method was used. Give the general journal entry required by the following assumptions:

A. The tractor was sold for cash Rs.19,500 after 2 year use.

B. The tractor was traded in after 3 years on another tractor with a fair market value of Rs.37,000. Trade in allowance was Rs.21,000.

C. The tractor was scrapped after 5 years use.

Related Book For answer-question

College Accounting Chapters 1-30

ISBN: 978-0077862398

14th edition

Authors: John Price, M. David Haddock, Michael Farina

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Posted Date: Jul 30, 2021 02:26 PM

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Question: A tractor which cost Rs.30,000 had an estimated life of 5 years and an estimated salvage

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Solution Depreciation per annum under straight line original cost estimated ... View the full answer

College Accounting Chapters 1-30

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