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Fundamentals Of Accounting And Auditing - Accounting And Auditing Section 2

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6. The cost of the asset is 60000 and depreciated at 12% p.a. using the written down method. at the end of three years, it will have a net book value of –

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7. The vehicle costs Rs. 150000; it charges 20% depreciation according to the written down value method estimate the value of the vehicle after depreciation at the end of three years.

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8. The loss on the sale of an asset is debited to

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9. Under the diminishing balance method, depreciation is calculated on

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10. A boiler was purchased from abroad for Rs. 10000. Shipping and forward charges Rs. 2000 and expenses of installation amounts to Rs. 8000. Find the balance after three years @10% on diminishing balance method.

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Accounting And Auditing Section 2