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Calculate the profit/loss on sale of the following assets
as on 30th september 2000
cost of the asset on 01.05.95 50000/-
Salvage Value 5000/-
Method of depriciation & date WDV 15%
sales of asset on 30.09.2000 Rs 25000/-
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Answer Posted / b.narasimha rao
ASSET VALUE-SALVAGE VALUE
50000-5000=45000
FOR 31/12/95 ONLY FOR 8 MONTHS
45000*15/100=6750/12*8 =4500
FOR 31/12/96 45000-4500=40500*15/100=6075
FOR 31/12/97 40500-6075=34425*15/100=5163
FOR 31/12/98 34425-5163=29262*15/100=4389
FOR 31/12/99 29262-4389=24873*15/100=3730
FOR 30/09/2000 24873-3730=21143*15/100=3171/12*9=2378
30/09/2000 ASSET VALUE =21143-2378=18765
PROFIT ON SALE OF ASSET =SALE OF ASSET-ASSET VALUE
25000-18765=6235
SO PROFIT ON SALE OF ASSET =6235
| Is This Answer Correct ? | 6 Yes | 5 No |
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