Accounting 2nd year Depreciation Test by tariq aziz
XII Accounting Depreciation Test
Monday, March 14, 2016
Shamim collegiate
La 54 block 15 Gulshan e Mustafa karachi
Test For 2nd year group
Test Written By Sir TARIQ
01. Depreciation
Given
On July. 1, 2017 Alvida haleema shop purchased a machine for Rs. 360,000 at the end of its estimated life of five years the machine was expected to be sold for Rs. 60,000.
On July. 1, 2017 Alvida haleema shop purchased a machine for Rs. 360,000 at the end of its estimated life of five years the machine was expected to be sold for Rs. 60,000.
Required
Determined the depreciation on machine for the year 2017, 2018 and 2019 under:
i) Straight Line Method
ii) 40% Diminishing Balance Method Present year data, separately for each method in the following form:
Determined the depreciation on machine for the year 2017, 2018 and 2019 under:
i) Straight Line Method
ii) 40% Diminishing Balance Method Present year data, separately for each method in the following form:
Year
|
Cost of machine
|
Depreciation
|
Accumulated Depreciation
|
Book value
|
1986
|
||||
1987
|
||||
1988
|
02. Depreciation
Shamim collegiate purchases a machine from Japan
They are sanctioned with 10% trade discount.
They are sanctioned with 10% trade discount.
When they upload the machine from Japan
-Loading charges 12000
-Custom duty 8000
-Insurance in transit 25000
-Loading charges 12000
-Custom duty 8000
-Insurance in transit 25000
And then machine arrives at Pakistan Pakistan
-Import duty 20000
-unloading charges 18000
-fire insurance 2000
-Import duty 20000
-unloading charges 18000
-fire insurance 2000
And then installation charges were paid to engineers at 20000 with test run cost of 5000. The machine is ready fro production now at 5 July.
The machine is expected to have a working life of 100,000 hours and it can produce 120,0000 units. The life of machine is 25 years.
The salvage value of machine is 0.
The salvage value of machine is 0.
2015 50,000 hours 2015 20,000 unite
Test Page 01
Required:
-Calculate the cost.
-Calculate the depreciation under the following methods for 1st two years.
--working hours -unit production -diminishing balance.
-Prepare the adjusting and closing entries.
-Prepare ledgers for allowance for depreciation account.
-Calculate the depreciation under the following methods for 1st two years.
--working hours -unit production -diminishing balance.
-Prepare the adjusting and closing entries.
-Prepare ledgers for allowance for depreciation account.
03 Depreciation
On 1st January 2020 Stupid Idiot company purchase 2 machine for 100,000.00 each and spent 50,000 total capital expenditure machines prepare five year depreciation through 10% reducing method and fixed installment method
04 Depreciation
On march 01 2014 totally crazy and co purchased machine 500,000 and scrape value 20,000 and the 50 year life of machine find out three year sum of digit method
05 Depreciation On jan 01 2014 extra ordinary pagal and co purchased machine 500,000 and scrape value 20,000 and the 20 year life of machine find out three year sum of digit method
06. Depreciation
Before / without any adjustment/not making any adjustment bewaqoof Traders on dec 31 2016 a machine cost price of 250,000 allowance for depreciation 70,000 at the year ended using diminishing method 5% only two year
07. Depreciation
After adjustment /making adjustment M/S bazati.com on dec 31 2016 a machine cost price of 250,000 allowance for depreciation 70,000 at the year ended using diminishing method 5% only 2 years
Important year of Accounting For Depreciation:
1999 (Q7), 1997 (Q7), 1996 (Q6), 1995 (Q7), 1994 (Q7), 1991 (Q7), 2000 (Q7), 2002 (Q6),2015,2014 2002
Test page 02
