Raj & Raj Ltd purchased a machinery on 01.01.1996 for
Rs.88,000.The life of the machine estimated to be 5 Yrs.It
was calculated that the old machinery would fetch Rs.8000
at the end of its useful life.it was decided to replace the
machinery at the end of the 5th year by setting up
depreciation fund and invest the annual depreciation (along
with interest earned each year) in gilt edged securities
carrying interest at 5% p.a. At the end of the 5th Year the
securities were sold for Rs.9000.As per the sinking fund
table Rs.14,478 is to be invested every year.A new machine
was purchased on 01.01.2001 for Rs.1,00,000.pass the
journal entries and show the ledger accounts
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Bank a/c....Dr. To Debtor's A/c Is this journal entry a contra entry?
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Why Copyrights,patents,goodwill etc.etc. falls under real account and not nominal or personal account? I know anything which affect trading & Profit & Loss accounts are nominal accounts.And the above do not affect the Trading or P/L accounts but on the other hand they are intangible and neither can they fall under real accounts as Real accounts are those that are not personal and they are tangible. Again in another way if we see, Patents, Copyright ,Goodwill etc. etc. kindoff acts as a representative of a person or a company like in the same way as a Bank or Company name,so they can they not fall under Personal Account??
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i have one doubt. i purchases of fixed assets from other state the value 5 lack. the transpotation cost of 50 thousand now the value of fixed asstes is 550000 or only 5 lack, it is right or worng .. pls cleare my question
Answered but misspelled pl correct ACCOUNTIN EQUATION =ASSETS-LIABILITIES= (ANS.SRENOWYTIUEQ)
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