4 Questions
What is the depreciation rate decided for the machinery?
10% p.a. on diminishing balance method
What is the total cost of the machinery and the boiler?
₹2,50,000
What was the selling price of the useless boiler on October 1st, 2021?
₹5000
What do you mean by non profit organization?
This quiz covers the preparation of machinery account for a period of four years, taking into account the initial purchase cost of ₹2,50,000 including a boiler worth ₹50,000. The depreciation is calculated at a rate of 10% per annum on the diminishing balance method. Additionally, it includes dealing with the situation where the boiler becomes useless and can only be sold for ₹5000.
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