Depreciation Test 10

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Depreciation Test 10

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Weekly Quiz Competition

Question 1
1 / -0

N Ltd. Purchase Machinery for Rs. $$10,00,000$$ on 1.1.2012. Installation expenses were Rs.$$50,000$$. Life of the asset is 6 years at the end of which asset can be sold at Rs. $$30,000$$. Annual depreciation under straight line method will be = ?

A
Rs. $$1,80,000$$

B
Rs. $$1,66,667$$

C
Rs. $$1,70,000$$

D
Rs. $$1,71,667$$
Question 2
1 / -0

Original cost =Rs. $$88,200$$. Salvage value $$4,200$$. Useful Life $$=3$$ years. Depreciation rate = ?

A
$$33.333$$%

B
$$31.746$$%

C
$$34.921$$%

D
None of the above
Question 3
1 / -0

A firm owns a fleet of vehicles acquired at a total cost of Rs. $$2,64,800$$. Accumulated depreciation up to the beginning of the current year is RS. $$1,12,400$$. Vehicles are depreciated at $$20$$% p.a using the straight-line method. The written down value of the vehicles by the end of the current year would be -

A
Rs. $$99,440$$

B
Rs. $$52,960$$

C
Rs. $$2,11,840$$

D
Rs. $$1,52,400$$
Question 4
1 / -0

N Ltd purchased machine for Rs. $$1,00,000$$ on 1.1.2012. Installation expenses were Rs. $$10,000$$. Life of the asset is 5 years at the end of which asset can be sold at Rs. $$5,000$$. Depreciation rate is $$15$$% on WDV. Depreciation for 4th year =Rs. ?

A
$$9,212$$

B
$$9,673$$

C
$$10,594$$

D
$$10,133$$
Question 5
1 / -0

Original cost =Rs. $$1,76,400$$. Salvage value $$=8,400$$.Useful Life$$6$$ years. Annual depreciation under SLM =?

A
$$29,400$$

B
$$28,000$$

C
$$30,800$$

D
None of the above
Question 6
1 / -0

Original cost =Rs. $$12,00,000$$. Salvage value =Rs. $$2,00,000$$. Useful Life$$=10$$ years. Annual depreciation = ? and rate of depreciation = ?

A
Rs. $$1,00,000$$ and $$10$$%

B
Rs. $$1,00,000$$ and $$8.33$$%

C
Rs. $$1,20,000$$ and $$12$$%

D
Rs. $$1,20,000$$ and $$8.33$$%

Solution

Cost price = 12,00,000
Salvage value = 2,00,000
Useful life = 10 years.
Depreciation = Cost Price - Salvage value / Useful life
= 12,00,000 - 2,00,000 /10
= 1,00,000.
Rate of depreciation = 1,00,000/12,00,000*100
= 8.33% .
Question 7
1 / -0

Directions For Questions

A firm, which depreciates its machinery at $$10$$% p.a on WDV method, had on 1st April, 2002 Rs. $$9,72,000$$ in the debit of machinery account. During the year ended 31st March, 2003, a part of the machinery purchased on 1st April, 2000 for Rs. $$80,000$$ was sold for $$45,000$$ on 1st October, 2002 and new machinery at cost of Rs. $$1,50,000$$ was purchased and installed on the same date, installation charges being Rs. $$8,000$$. On 31st March, 2003, the firm decided to change it method of charging depreciation from WDV method to SLM with effect from April, 2000, the rate of depreciation remaining the same as before.

...view full instructions

Depreciation on machine sold up to 1.10.2002 in year 2002-2003 will be -

A
Rs. $$16,500$$

B
Rs. $$3,240$$

C
Rs. $$11,200$$

D
Rs. $$7,900$$
Question 8
1 / -0

The written down value of machine on 31st March 2013 is Rs. $$72,900$$. The machine was purchased on 1st April, 2010, Depreciation is charged @ $$10$$% p.a by diminishing balance method. The cost price of the machine = ?

A
Rs. $$1,00,000$$

B
Rs. $$90,000$$

C
Rs. $$81,000$$

D
Rs. $$72,000$$

Solution
Question 9
1 / -0

In the books of SZ Ltd. the machinery account shows a debit balance of RS. $$60,000$$ as on 1.4.2015. The machinery was sold on 30.9.2016 for Rs. $$30,000$$. The company charges depreciation @ 20% under Written Down Value Method. Profit/Loss on sale = ?

A
Rs. $$13,200$$ Profit

B
Rs. $$13,200$$ Loss

C
Rs. $$6,800$$ Profit

D
Rs. $$6,800$$ Loss
Question 10
1 / -0

M & Co. purchased a machine for a certain sum. The firm has a policy of charging $$8$$% depreciation on written down value. The depreciated value of machine after three years is Rs. $$3,89,344$$. Purchase price of machine = ?

A
Rs. $$5,00,000$$

B
Rs. $$4,60,000$$

C
Rs. $$4,23,000$$

D
Rs. $$5,52,000$$

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Depreciation Test 10

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Depreciation Test 10

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Question 1

Rs. $$1,80,000$$

Rs. $$1,66,667$$

Rs. $$1,70,000$$

Rs. $$1,71,667$$

Question 2

$$33.333$$%

$$31.746$$%

$$34.921$$%

None of the above

Question 3

Rs. $$99,440$$

Rs. $$52,960$$

Rs. $$2,11,840$$

Rs. $$1,52,400$$

Question 4

$$9,212$$

$$9,673$$

$$10,594$$

$$10,133$$

Question 5

$$29,400$$

$$28,000$$

$$30,800$$

None of the above

Question 6

Rs. $$1,00,000$$ and $$10$$%

Rs. $$1,00,000$$ and $$8.33$$%

Rs. $$1,20,000$$ and $$12$$%

Rs. $$1,20,000$$ and $$8.33$$%

Solution

Question 7

Rs. $$16,500$$

Rs. $$3,240$$

Rs. $$11,200$$

Rs. $$7,900$$

Question 8

Rs. $$1,00,000$$

Rs. $$90,000$$

Rs. $$81,000$$

Rs. $$72,000$$

Solution

Question 9

Rs. $$13,200$$ Profit

Rs. $$13,200$$ Loss

Rs. $$6,800$$ Profit

Rs. $$6,800$$ Loss

Question 10

Rs. $$5,00,000$$

Rs. $$4,60,000$$

Rs. $$4,23,000$$

Rs. $$5,52,000$$

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