Fundamental accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 November 2011
On 1.1.2005, a machine costing Rs.10,000 and a piece of furniture costing Rs.20,000 was purchased. Depreciation is provided at the rate of 5 percent on furniture and 10 percent per annum on machine. The depreciation for the year ended 31st March, 2005 should be:
(a) Rs. 1000
(b) Rs. 300
(c) Rs. 1250
(d) Rs. None of the three.
(PLEASE EXPLAIN THE METHOD IN DETAIL.)
(a) Rs. 1000
(b) Rs. 300
(c) Rs. 1250
(d) Rs. None of the three.
(PLEASE EXPLAIN THE METHOD IN DETAIL.)
05 November 2011
Ans is (a) Rs. 1000
As assets are used for less than 180 days depreciation will be for half year.
Machine-10000*10/100*1/2= Rs.500
Furniture-20000*5/100*1/2= Rs.500
So total depreciation will be Rs.1000
As assets are used for less than 180 days depreciation will be for half year.
Machine-10000*10/100*1/2= Rs.500
Furniture-20000*5/100*1/2= Rs.500
So total depreciation will be Rs.1000
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