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Welcome back to Learn At Ur Desk! We are doing textbook solution series for TS Intermediate 2nd year Accountancy. We have started solving Chapter 1 Depreciation Problems and in my Last Post I have posted the solution for problem #7 and today we are going to solve Problem #8.
Textbook Solution Series (TBS Series)
for Telangana State Board of Intermediate Education (TSBIE) Second Year Accountancy.
Chapter 1: Depreciation
Page #39 problem #8.
Raghava bought a plant and machine on 1st
April , 2009, for ₹23,000 and paid ₹2,000 for its installation. Depreciation is
to be allowed at 10% under a straight line method. On 31st March
2012, the plant was sold for ₹8000. Assuming that the accounts are closed at
the end of the financial year. Prepare plant & machine account.
Working notes.
Cost of Plant and machine = 23,000 + 2,000
= 25,000.
Depreciation for 2010, 2011 and 2012.
25,000 × 10 ÷ 100 = 2,500
Calculation of Profit/Loss on Sale of
Asset.
Cost of Plant & Machine = 25,000
(-) Accumulated Depreciation = (7,500)
Book Value = 17,500
(-) Sold = (8,000)
Loss = 9,500 Its loss as sale amount is less than its book value.
Ok that's
it in this problem!
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Click herefor Depreciation Problem #7 solution
Click herefor Depreciation Problem #9 solution
If you are
TS Intermediate 1st Year student then go to TSBIE Accountancy I Recording Business Transactions problem
# 1solved!
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