Question :
From the Following information what will be the amount of asset purchased during the year?
|
Particulars |
Closing |
Opening |
|
Machinery (At cost) |
690000 |
600000 |
|
Accumulated Depreciation |
90000 |
60000 |
Additional information: During the year a machine coating Rs.50,000 with accumulated depreciation Rs.32,000 was sold for Rs.20,000.
Option 1: Rs.1,40,000
Option 2: Rs.1,20,000
Option 3: Rs.1,65,000
Option 4: None of the above
Answer (1)
17th Jan, 2024
Correct Answer: Rs.1,40,000
Solution : Machinary Account
| Particulars | Amount | Particulars | Amount |
| To Balance b/d | 600000 | By Bank | 20000 |
| To Profit on sale | 2000 | By Accumulated dep. | 32000 |
| To bank a/c (Purchase) (Bal. figure) | 140000 | By Balance c/d | 690000 |
| 742000 | 742000 |
Hence the correct answer is option 1.
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