Depreciation Provisions and Reserves Test

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Depreciation Provisions and Reserves Test - 41

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Weekly Quiz Competition

Question 1
1 / -0

B Ltd acquired a machine on 1st January, 2010 at a cost of Rs. $$14,000$$ and spent Rs. $$1,000$$ on its installation. The firm writes off depreciation at $$10$$% p.a. of the original cost every year. The books are closed on 31st December every year. After 3 years machine sold for Rs. $$13,000$$. Profit/Loss on sale = ?

A
Profit - Rs. $$2,500$$

B
Loss - Rs. $$2,500$$

C
Profit - Rs. $$2,200$$

D
Loss - Rs. $$2,200$$
Question 2
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 3
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 4
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 5
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 6
1 / -0

Directions For Questions

The balance in accumulated depreciation account of a company at the beginning of year 2008-2009 was Rs. $$2,00,000$$, when the original cost of the assets amounted to Rs. $$10,00,000$$. The company charges $$10$$% depreciation on a SLM basis for all assets including those which have been either purchased or sold during the year. One such asset costing Rs. $$5,00,000$$ with accumulated depreciation as at the beginning of the year of RS. $$80,000$$ was disposed off during the year.

...view full instructions

Depreciation for the current year = ?

A
Rs. $$40,000$$

B
Rs. $$50,000$$

C
Rs. $$60,000$$

D
Rs. $$1,00,000$$
Question 7
1 / -0

Loss on machine sold on 1.10.2002 in year 2002-2003 will be -

A
Rs. $$16,560$$

B
Rs. $$3,240$$

C
Rs. $$11,200$$

D
Rs. $$7900$$

Question 8

1 / -0

Directions For Questions

In the year 2014-2015 C Ltd. purchase a new machine and made the following payments in relation to it:

Particulars	Rs
Cost as per supplier's list	$$5,20,000$$
Agreed discount	$$50,000$$
Delivery charges	$$10,000$$
Erection charges	$$20,000$$
Annual maintenance charges	$$30,000$$
Additional components to increase capacity of machine	$$40,000$$
Annual insurance premium	$$5,000$$

...view full instructions

If depreciation is provided @ $$10$$% p.a. SLM, depreciation for 3rd year will be -

Rs. $$54,000$$

Rs. $$54,500$$

Rs. $$47,000$$

Rs. $$55,000$$

Question 9
1 / -0

On 1.8.2012 K Ltd. bought four Matador Vans costing Rs. $$1,20,000$$ each. The company expected to fetch a scrap value of $$25$$% of the cost price of the vehicles after $$10$$ years. The vehicles were depreciated under the fixed instalment method upto 31.3.2015. The rate of depreciation charged upto 31.3.2015 = ?

A
$$10.0$$%

B
$$9.0$$%

C
$$8.5$$%

D
$$7.5$$%
Question 10
1 / -0

On 1.1.2015, the Plant Account showed a balance of RS. $$80,000$$. Out of the above, a Plant whose book vale was Rs. $$10,000$$ on that date, was sold for Rs. $$6,000$$ on 1.4.2015. On 1.10.2015, the plant was purchased for Rs. $$20,000$$. Depreciation is charged at $$10$$ p.a on SLM basis and books of accounts are closed on 31st December each year. Balance of Plant on 31.12.2015 = ?

A
Rs. $$72,000$$

B
Rs. $$92,000$$

C
Rs. $$89,000$$

D
Rs. $$83,000$$

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Depreciation Provisions and Reserves Test - 41

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Depreciation Provisions and Reserves Test - 41

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Question 1

Profit - Rs. $$2,500$$

Loss - Rs. $$2,500$$

Profit - Rs. $$2,200$$

Loss - Rs. $$2,200$$

Question 2

$$9,212$$

$$9,673$$

$$10,594$$

$$10,133$$

Question 3

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 4

Rs. $$13,200$$ Profit

Rs. $$13,200$$ Loss

Rs. $$6,800$$ Profit

Rs. $$6,800$$ Loss

Question 5

Rs. $$1,00,000$$

Rs. $$90,000$$

Rs. $$81,000$$

Rs. $$72,000$$

Solution

Question 6

Rs. $$40,000$$

Rs. $$50,000$$

Rs. $$60,000$$

Rs. $$1,00,000$$

Question 7

Rs. $$16,560$$

Rs. $$3,240$$

Rs. $$11,200$$

Rs. $$7900$$

Question 8

Rs. $$54,000$$

Rs. $$54,500$$

Rs. $$47,000$$

Rs. $$55,000$$

Question 9

$$10.0$$%

$$9.0$$%

$$8.5$$%

$$7.5$$%

Question 10

Rs. $$72,000$$

Rs. $$92,000$$

Rs. $$89,000$$

Rs. $$83,000$$

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