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Due to Current situation Colleges are Opned and then Closed so much confusion out there and the worse thing is Students are forced to take seperate tution classes to clear their doubts because online classes during this pandemic chaos are becoming insufficient to manage individual interest. So inorder to provide little help to students, lecturers and parents I decided to start textbook solution series, in which I am going to solve practical problems and students can practice them by seeing or can compare their own solutions to check its accuracy. As simple as that!
From today onwards I am going to start solving practical problems given in TSBIE Telugu Academi Textbook i.e., TS Intermediate Second Year Accountancy. So you must have textbook if you dont have then you can purchase it anytime online from Amazon.in to decrease your screen time copying questions and then solving it.
Textbook Solution Series (TBS Series) for
Telangana State Board of Intermediate Education (TSBIE) Second Year
Accountancy.
Chapter 1: Depreciation
Page #36 problem #1.
Sri
Sai and Co. purchase a machine for 2, 50,000 on 1st April 2009.
Estimated life of the machine is 10 years. The scrap value at the end of its
life is 50,000. Calculate the annual depreciation and rate of depreciation,
assuming that accounts are closed on 31st March every year. Show the
machinery account for the first three years under fixed instalment method.
Working notes.
1. Annual
depreciation = Cost of Asset - Scrap Value ÷ Life of Asset
= 2,50,000 – 50,000 ÷ 10
= 20,000
2. Rate of depreciation = Annual Depreciation ÷ Cost of Asset × 100
= 20,000 ÷ 2,50,000 × 100
= 8%
Ok that's it in this problem!
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If you are TS Intermediate 1st Year student then go to TSBIE Accountancy I Journal problem #1 solved!
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