11th Accountancy Weekly Test - 2 ( Depreciation Accounting )

MABS Institution

11th Accountancy Weekly Test - 2 ( Depreciation Accounting )-Aug 2020

Time : 1.30 Hours

Part - A

Generic 2 - Answer All Question

A furniture costing Rs 5,000 was purchased on 1.1.2016, the installation charges being Rs 1,000. The furniture is to be depreciated @10% p.a. on the diminishing balance method. Pass journal entries for the first two years.

A Company purchased a plant for Rs1,00,000. The useful life of the plant,is 5 years and the residual value is Rs 10,000. Find out the rate of depreciation under fixed percentage on' original cost method.

An asset is purchased for Rs 50,000. The rate of depreciation is 15% p.a. Calculate the annual depreciation for the first two years under diminishing balance method.

On 1.1.2017 a firm purchased a machine at a cost of Rs.1,00,000. Its life was estimated to be 10 years with a scrap value of Rs.10,000. Compute the amount of depreciation to be charged at the end of each year.

List out the various methods of depreciation.

What is Straight line method?

What is annuity method?

Define Depreciation.

On1stJanuary2013,acompany purchased a machine for Rs.25,000. The estimated life of the machine 10 years after which is breakup value will be Rs 5,000.Find out the amount-of annual depreciation under Fixed Instalment Method.

Robert and company purchased a machine on 1^stApril2002 for Rs 75,000. After having used it for 3 years, it was sold for Rs 35,000. Depreciation is to be provided every year at the rate of 10% p.a on diminishing balance method. Accounts are closed 31^st March every year. Find out the profit or loss on sale of machinery.

Part - B

Generic 5 - Answer All Question

On 1st October 2014, a truck was purchased for Rs 8,00,000 by Laxmi Transports Ltd. Depreciation was provided @ 15% p.a. under diminishing balance method. On 31st March 2017, the above truck was sold for Rs. 5,00,000. Accounts are closed on 31st March every year. Find out the profit or loss made on the sale of the truck.

A Ltd., purchased a machine on 1st January 2014 for Rs 60,000. On 1st July 2014, it purchased another machine for Rs 50,000. On 1st July 2015, the company sold the machine purchased on 1st January 2014 for Rs 40,000. It was decided that the machine be depreciated at 10% per annum on diminishing balance method. Show the machinery account for the years 2014 to 2016. The accounts are closed on December 31st, every year.

Michel & Co., purchased a Second hand Plant for Rs 4,70,000 on 1^stJuly 2001. They spent Rs30,000 on the repairs and installed the Plant. Depreciation is written off at 10% p.a. on the Straight line method. On 30^th September 2003, the Plant was found to be unsuitable and sole for Rs 3,50,000.
Prepare Plant account and Depreciation account for three years assuming that the accounts are closed on 31^st March.every year.
On 1st April 2008, Sudha and Company purchased machinery for Rs 64,000. To instal the machinery expenses incurred was Rs 28,000. Depreciate machinery 10% p.a. under straight line method. On 30th June, 2010 the worn out machinery was sold for Rs 52,000. The books are closed on 31st December every year. Show machinery account.

Anand bought a machinery for Rs.1,00,000 on 1-1-2015. On 1-6-2016, he bought another machine for Rs.50,000. On 1-10-2017, he purchased another machine for Rs.20,000. Provide depreciation at 10% p.a. on straight line method. Prepare machinery account for the years 2015 to 2017 by using accounts by assuming accounts are closed on 31st December every year.

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11th Accountancy Weekly Test - 2 ( Depreciation Accounting )

MABS Institution

11th Accountancy Weekly Test - 2 ( Depreciation Accounting )-Aug 2020

Part - A

Generic 2 - Answer All Question

A furniture costing Rs 5,000 was purchased on 1.1.2016, the installation charges being Rs 1,000. The furniture is to be depreciated @10% p.a. on the diminishing balance method. Pass journal entries for the first two years.

A Company purchased a plant for Rs1,00,000. The useful life of the plant,is 5 years and the residual value is Rs 10,000. Find out the rate of depreciation under fixed percentage on' original cost method.

An asset is purchased for Rs 50,000. The rate of depreciation is 15% p.a. Calculate the annual depreciation for the first two years under diminishing balance method.

On 1.1.2017 a firm purchased a machine at a cost of Rs.1,00,000. Its life was estimated to be 10 years with a scrap value of Rs.10,000. Compute the amount of depreciation to be charged at the end of each year.

List out the various methods of depreciation.

What is Straight line method?

What is annuity method?

Define Depreciation.

On1stJanuary2013,acompany purchased a machine for Rs.25,000. The estimated life of the machine 10 years after which is breakup value will be Rs 5,000.Find out the amount-of annual depreciation under Fixed Instalment Method.

Part - B

Generic 5 - Answer All Question

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