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On the basis of the information given below, answer the following questions. On April 01, 2017 the debit balance of the machinery account of A Ltd. was Rs. 5,67,000. The machine was purchased on April 01, 2015. The company charged depreciation at the rate of 10% per annum under diminishing balance method. On October 01, 2017, the company acquired a new machine at a cost of Rs. 60,000 and incurred Rs. 6,000 for installation of the new machine. The company decided to change the system of providing depreciation from the diminishing balance method to the straight-line method with retrospective effect from April 01, 2015. The rate of depreciation will remain the same. The company decided to make necessary adjustments in respect of depreciation due to the change in the method in the year 2017-2018.
1. Cost of machinery on 01.04.2015 = ......
a. Rs. 5,67,000
b. Rs. 6,30,000
c. Rs. 7,00,000
d. Rs. 7,77,778
Ans - c
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2. Depreciation provided in 2015-16 = ......
a. Rs. 56,700
b. Rs. 63,000
c. Rs. 70,000
d. Rs. 77,778
Ans - c
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3. Depreciation provided in 2016-17 = ......
a. Rs. 51,030
b. Rs. 56,700
c. Rs. 63,000
d. Rs. 70,000
Ans - c
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4. Depreciation under new method for 2015-16 and 2016-17 = ......
a. Rs. 1,33,400
b. Rs. 1,26,000
c. Rs. 1,40,000
d. Rs. 1,55,556
Ans - c
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5. Further depreciation to be provided = ......
a. Rs. 5,670
b. Rs. 6,300
c. Rs. 7,000
d. Rs. 7,778
Ans - c
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6. Depreciation for the year 2017-18 = ......
a. Rs. 3,300
b. Rs. 7,000
c. Rs. 10,300
d. Rs. 73,300
Ans - d
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7. The balance outstanding to the debit of machinery account as on March 31, 2018 after effecting the above changes was ......
a. Rs. 5,45,700
b. Rs. 5,52,700
c. Rs. 5,46,000
d. Rs. 5,49,400
Ans - b
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Considering the following information answer the following questions. On 1 January 2018 Mr. Sanjay purchased a machinery for his business valued Rs. 40,000 and paid for its installation Rs. 5,000. He sold this machinery for Rs. 25,000 in 2011, At this time remaining price of this machinery was Rs. 24,000 after deducting depreciation.
1. Amount spent Rs. 45,000 of Mr. Sanjay considered as ...... (i) Capital receipt, (ii) Capital expenditure, (iii) Deferred Revenue expenditure
a. i
b. ii
c. i & ii
d. ii & iii
Ans - b
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2. What was the total amount of depreciation charged in 4 years?
a. Rs. 15,000
b. Rs. 16,000
c. Rs. 20,000
d. Rs. 21,000
Ans - d
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3. The difference between selling price and present book value of machinery is called ,,,,,,
a. Capital income
b. Revenue income
c. Revenue receipt
d. Capital receipt
Ans - a
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Considering the following information answer the following questions. Mr. Roy keeps the purchase book, sales book, bills receivable book, bills payable book etc. for his business institution. Beside this, he records the discounted entries in other way, because he has clear concept about accounting. Then he prepares the financial statement for knowing about the financial position of the business. And this is how, he operates his business continuously.
1. In purchase book, Mr. Roy records ......
a. Credit purchase
b. Credit sales
c. Cash purchase
d. Purchase return
Ans - a
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2. Mr. Roy records the discounted entries in the ......
a. Cash book
b. Sales return book
c. Bills receivable book
d. Journal proper
Ans - a
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3. Why is opening entry needed for Mr. Roy?
a. To follow the accounting cycle
b. To start the next accounting year
c. To justify the arithmetical
d. To know the financial position of accuracy current year
Ans - b
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