Opening WDV off the block of assets was Rs 15 lakh. During the year, asset was acquired under this block on 15 June 2017 amounting to rupees 10 lakh. One of the assets falling within the block was sold for rupees 5.5 lakh on 14 January 2018. Rate of depreciation of block is 10%. Calculate the amount of depreciation available during the previous year for the block. e. rupees 1.95 lakh f. rupees 2.5 lakh g. rupees 2.25 lakh h. Rs 1.45 lakh

Opening WDV off the block of assets was Rs 15 lakh. During the year, asset was acquired under this block on 15 June 2017 amounting to rupees 10 lakh. One of the assets falling within the block was sold for rupees 5.5 lakh on 14 January 2018. Rate of depreciation of block is 10%. Calculate the amount of depreciation available during the previous year for the block.
e. rupees 1.95 lakh
f. rupees 2.5 lakh
g. rupees 2.25 lakh
h. Rs 1.45 lakh
by

1 Answer

Answer :

e. rupees 1.95 lakh
by

Related questions

Opening WDV off the block of assets was Rs 15 lakh. During the year, asset was acquired under this block on 15 January 2018 amounting to rupees 10 lakh. One of the assets falling within the block was sold for rupees 5.5 lakh on 14 January 2018. Rate of depreciation of block is 10%. Calculate the amount of depreciation available during the previous year. a. rupees 1.95 lakh b. rupees 2.5 lakh c. rupees 2.25 lakh d. Rs 1.45 lakh

Description : Opening WDV off the block of assets was Rs 15 lakh. During the year, asset was acquired under this block on 15 January 2018 amounting to rupees 10 lakh. One of the assets falling within the block was sold for rupees 5.5 ... rupees 1.95 lakh b. rupees 2.5 lakh c. rupees 2.25 lakh d. Rs 1.45 lakh

Last Answer : d. Rs 1.45 lakh

Opening WDV of the block of assets was Rs.15 lakh. During the year, asset was acquired under this block on 15th June2017 amounting to Rs. 10 Lakh. Rate of depreciation of the block is 15%. Calculate the amount of depreciation available during the P.Y. a) Rs. 3.5 Lakh b) Rs. 3.75 lakh c) Rs. 3.00 lakh d) Rs.2.25 Lakh

Description : Opening WDV of the block of assets was Rs.15 lakh. During the year, asset was acquired under this block on 15th June2017 amounting to Rs. 10 Lakh. Rate of depreciation of the block is 15%. Calculate the amount of depreciation ... 3.5 Lakh b) Rs. 3.75 lakh c) Rs. 3.00 lakh d) Rs.2.25 Lakh

Last Answer : b) Rs. 3.75 lakh

Adhu Ltd. owns machinery (rate of depreciation is 15%), the written down value of which as on 1st April 2017 is Rs.30 Lakh. Due to fire, entire assets in the block were destroyed and the insurer paid Rs.25 lakh. The eligible depreciation in respect of block : a) Rs.450000 b) Rs. 75000 c) Rs. 400000 d) Nil

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Mr. Vaibhav, deriving business income, owns a car whose WDV as on 1st april 2016 was Rs.3Lakh. This is the only asset in the block of assets with rate of 15%. It is estimated that 1/3rd of the total usage of the car is for personal use in both years. The WDV of the block of assets as on 31st March, 2018 would be a) Rs.216750 b) Rs.243000 c) Rs.255000 d) Nil

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While Computing the actual cost of any asset falling within a block, direct cost attributable to bring the asset to its present location and working condition for its intended use(i.e. expenses incurred for acquiring the asset e.g. freight, insurance, etc.) a) Be added to the purchase price b) Be subtracted from the purchase price c) Be subtracted from WDV d) Be claimed as revenue expenditure

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While computing the actual cost of any asset falling within a block, portion of cost of asset which has been met directly by the central government or a state government or any authority under any law or any other person, in the form of a subsidy or grant : a) Added to purchase price b) Subtracted from purchase price c) Added to WDV d) Claimed as Revenue Expenditure

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R, an assessee carries on business in respect of which it holds tenancy rights. It carries out improvements to the said building at a cost of Rs. 2 lakhs and claims depreciation @ 10% thereon. Which one of the following is the correct answer? a) No depreciation will be available, on the grounds that the assessee is not the owner of the building b) Depreciation will be allowed of Rs.20 thousand c) Deduction will be allowed of Rs. 2 Lakh d) The amount of Rs.2.2 lakh will be capitalized

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From the information given below, calculate Debt service coverage Ratio– Net profit after interest and Tax Rs. 40,000, Depreciation Rs. 5,000, Rate of Income Tax 50%, 10% Mortgage Debentures Rs. 60,000. Fixed Interest Charges Rs. 6,000, Debenture Redemption Fund Appropriation of Outstanding Debentures 10%. (A) 4•06 times (B) 5•06 times (C) 6•06 times (D) 7•06 times

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Last Answer : Answer: 4•06 times

Kirti Co’s Balance Sheet shows Fixed Asset Rs. 3,60,000. At the time of absorption calculation of Net Assets is 10% less than the market value, then market value of such fixed assets is ............ (A) Rs. 3,24,000 (B) Rs. 4,00,000 (C) Rs. 4,20,000 (D) None of these

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Last Answer : (B) Rs. 4,00,000

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A tractor shovel has a purchase price of Rs. 4.7 lacs and could save the organization an amount of rupees one lac per year on operating costs. The salvage value after the amortization period is 10% of the purchase price. The capital recovery period will be (A) 3.7 years (B) 4.23 years (C) 5 years (D) 7.87 years

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Last Answer : (B) 4.23 years

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Calculate the value of closing stock from the following according to LIFO method: 1st January, 2014: Opening balance: 50 units @ Rs. 4 Receipts: 5th January, 2014: 100 units @ Rs. 5 12th January, 2014: 200 units @ Rs. 4.50 Issues: 2nd January, 2014: 30 units 18th January, 2014: 150 units (a) Rs. 765 (b) Rs. 805 (c) Rs. 786 (d) Rs. 700

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Calculate the value of closing stock from the following according to FIFO method: 1st January, 2014: Opening balance: 50 units @ Rs. 4 Receipts: 5th January, 2014: 100 units @ Rs. 5 12th January, 2014: 200 units @ Rs. 4.50 Issues: 2nd January, 2014: 30 units 18th January, 2014: 150 units (a) Rs. 765 (b) Rs. 805 (c) Rs. 786 (d) Rs. 700

Description : Calculate the value of closing stock from the following according to FIFO method: 1st January, 2014: Opening balance: 50 units @ Rs. 4 Receipts: 5th January, 2014: 100 units @ Rs. 5 12th January, 2014: 200 units @ Rs. 4.50 ... , 2014: 150 units (a) Rs. 765 (b) Rs. 805 (c) Rs. 786 (d) Rs. 700

Last Answer : (a) Rs. 765

Which of the following is most likely to require special planning considerations related to asset valuation? a. Accelerated depreciation methods are used for amortizing the costs of factory equipment. b. The client has recently purchased an expensive copy machine. c. Assets costing less than P5,000 are expensed even when the expected life exceeds one year. d. Inventory is comprised of diamond rings.

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Last Answer : Inventory is comprised of diamond rings.

A reactor having a salvage value of Rs. 10000 is estimated to have a service life of 10 years. The annual interest rate is 10%. The original cost of the reactor was Rs. 80000. The book value of the reactor after 5 years using sinking fund depreciation method will be Rs. (A) 40,096 (B) 43,196 (C) 53,196 (D) 60,196

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Last Answer : D) 60,196

What all sources are taken under “PGBP” a. Business b. Profession c. Vocation d. a & b e. a,b and c

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Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, 10% debentures of Rs. 100 each at par and 15,000 equity shares of Rs. 10 each. How much was the flow of funds in the above transaction ? (A) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Description : Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, ... ) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Last Answer : Answer: Rs. 30,000

Two persons P and Q invested in a business with 21 lakh and 28 lakh rupees. They agree that 30% of the profit should be in tha ratio 2:3 for P and Q and rest is divided between them according to their investment. If Q got Rs.1200 more than P, then then total profit Q is A) 4350 B) 4567 C) 4467 D) None

Description : Two persons P and Q invested in a business with 21 lakh and 28 lakh rupees. They agree that 30% of the profit should be in tha ratio 2:3 for P and Q and rest is divided between them according to their investment ... got Rs.1200 more than P, then then total profit Q is A) 4350 B) 4567 C) 4467 D) None

Last Answer : Answer: A)  Ratio of profit of P&Q is,  P:Q=21:28 => 3:4  Let total profit gained be X  Since ,30% of profit should be divided in ratio 2:3 for P&Q, Remaining share is =70% of x  P's share =70/100 *x* ...  =1200  X =Rs 7500  Q's total profit =70/100 *7500 *4/7 + 30/100 *7500*3/5  =Rs 4350

Two people abi and krish invested in a business with 7 lakh and 8 lakh rupees respectively. They agree that 46% of the profit should be divided equally among them and rest is divided between them according to their investment. If krish got Rs. 2100 more than abi, Then the total profit is, A) 55000 B) 56000. C) 58333 D) None

Description : Two people abi and krish invested in a business with 7 lakh and 8 lakh rupees respectively. They agree that 46% of the profit should be divided equally among them and rest is divided between them according to their ... more than abi, Then the total profit is, A) 55000 B) 56000. C) 58333 D) None

Last Answer : Answer: C)  Ratio of profit abi and krish is,  =>7:8  46% of then profit should be divided equally among them, remaining share is 54% of x  Abi share =54/100 * x * 7/15  Krish share =54/100 * x* 8/15  54/100 * x * 8/15 - 54/100 * x* 7/15 =2100  X =58333

The following data, relates to manufacturing company for the year 2006-07– Net Profit as per P & L A/c–Rs. 2,40,000; Depreciation–Rs. 80,000; Goodwill written-off– Rs. 40,000, Profit on Sale of Fixed Assets–Rs. 16,000, Proposed Dividend–Rs. 96,000. The fund from operation would be– (A) Rs. 4,40,000 (B) Rs. 4,00,000 (C) Rs. 6,40,000 (D) None of the above

Description : The following data, relates to manufacturing company for the year 2006-07- Net Profit as per P & L A/c-Rs. 2,40,000; Depreciation-Rs. 80,000; Goodwill written-off- Rs. 40,000, Profit on Sale of Fixed Assets-Rs. 16,000, ... ) Rs. 4,40,000 (B) Rs. 4,00,000 (C) Rs. 6,40,000 (D) None of the above

Last Answer : Answer: None of the above

Non-monetary items in foreign currency shall be converted into reporting currency by using which exchange rate? a. closing rate b. average rate c. actual rate effective on date d. all the above

Description : Non-monetary items in foreign currency shall be converted into reporting currency by using which exchange rate? a. closing rate b. average rate c. actual rate effective on date d. all the above

Last Answer : c. actual rate effective on date

Most chemical plants use an initial working capital amounting to 10- 20% of the total capital investment. But this percentage may increase to __________ percent in case of seasonal products manufacturing plant. (A) 30 (B) 50 (C) 75 (D) 95

Description : Most chemical plants use an initial working capital amounting to 10- 20% of the total capital investment. But this percentage may increase to __________ percent in case of seasonal products manufacturing plant. (A) 30 (B) 50 (C) 75 (D) 95

Last Answer : (B) 50