Urgent

Q1. An assets has useful life of 4 years. It is Depreacited by WDV. method its book value at the end of 4 year is 24% of its original cost have, hence tha rates of depreciation will be applied.

Q2.  X & Y entered in to Joint Venture Profit Ration Equally. X  Provides goods from his stock Rs. 20000/- and he pay expenses amounting to Z Rs. 20,000/-. Y incurs further expenses on carriage for Rs. 3000/-., he recevied Cash Sale for Rs. 35000/- he also takes our goods to the value of Rs. 5000/- what will be the amount to be remmited by X to Y.

Q3.  What stock valuation method best matches the Cost of Goods Sold with current replacement Cost.  LIFO or FIFO.

Replies (8)

1. For ur first Q, the answer is 30%

3. Answer for LIFO method

2. Answer for 2nd Q,

If X has spent all the amount, except for Rs. 3000... While, Y has recd goods of Rs. 5000 and as well as cash from SALES....

 

So, i think its Y who will remmit the amount and not X...

 

 

Moreover, goods costing Rs. 5000 are taken away by Y. So, profit is Rs. 20000 (35000 - 15000), less : Rs. 23000 expenses (20000 by X to Z and 3000 by Y for carriage)....

 

So, net loss is Rs. 3000, i.e 1:1 to X & Y, so loss distributed is Rs. 1500...

 

 

REMITTANCE PART goes in this way :

 

Amount Payable by Y :

35000 (cash recd for sales) + 5000 (goods taken over) - 1500 (loss)

= Rs. 38500/-

 

Amount recievalbe by X :

20000 (cost of goods) + 20000 (expenses paid to Z) - 1500 (loss)

= Rs. 38500/-

I am agree

Y will pay X rs.38500

thanks and How is 30% pleaes provide working note

The Date Of Depreciation Will be 30% .Working is as follows:

Let Cost = Rs.100

Let Rate = x%

Depreciation=100-24=Rs.76

ATQ

100*(100-x)/100*(100-x)/100*(100-x)/100=76

Solved This And your answer will be 30%

 

Thanks Manish.

Dhiraj is right.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 October 2026
Account Executive

Elite Taxation

New Delhi

CA Foundation

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
ARTICLESHIP 23 October 2026
Articled Trainee

J Y & CO

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details