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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 #8 and today we are going to solve Problem #9.
Textbook Solution Series (TBS Series)
for Telangana State Board of Intermediate Education (TSBIE) Second Year Accountancy.
Chapter 1: Depreciation
Page #40 problem #9.
Vardhan purchased a machine on 31st March
2008 for ₹70,000. Depreciation is charged a 10% under original cost method.
After three years, he found that the machine was not suitable and sold for ₹55,000.
Show the machine account.
Working notes.
Cost of machine = 70,000.
Depreciation for 2009, 2010 and 2011
70,000 × 10 ÷ 100 = 7,000.
Accumulated Depreciation = 7000 + 7000 +
7000 = 21,000.
Book Value of machine after 3 years = Cost
of Machine – Accumulated Depreciation.
70,000 – 21,000 = 49,000.
Profit/Loss on Sale of Asset = Sale – Book
Value
Profit on Sale = 55,000 – 49,000 = 6,000.
Ok that's
it in this problem!
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Click here for Depreciation Problem #8 solution
Click herefor Depreciation Problem #10 solution
If you are
TS Intermediate 1st Year student then go to TSBIE Accountancy I Recording Business Transactions problem
# 1solved!
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