3RD SEM NMIMS April,May 2023 solved assignments-Meri Shrushti LLP purchased machinery for Rs 500000. The LLP spent 1 %of the machinery cost on transportation. The entity also carried out the installation of the machinery by payingRs10000. The estimated scrap value of the machinery at the end of the 5years is Rs50000.
3RD SEM NMIMS April,May 2023 solved assignments-Meri Shrushti LLP purchased machinery for Rs 500000. The LLP spent 1 %of the machinery cost on transportation. The entity also carried out the installation of the machinery by payingRs10000. The estimated scrap value of the machinery at the end of the 5years is Rs50000.
Essentials of Financial Accounting
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Pass the journal entries for the following transactions (10 Marks)
TABLE BELOW
3-Dec |
Mrs. Vinita started business by transferring amount from her saving account to the business bank account Rs500000 |
5-Dec |
She Purchased furniture worth Rs 100000 |
7-Dec |
She purchased goods for sale, costing her Rs 300000 |
8-Dec |
She sold off the entire goods at Rs 500000,credit sales |
10-Dec |
She paid salary to employees Rs 20000 through bank account |
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Earlier, manual recording of the transactions was considered as accounting. Now with the passage of time the accounting task has been automated and changed dramatically. Define briefly the term accounting and the users of accounting information (10 Marks)
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Meri Shrushti LLP purchased machinery for Rs 500000. The LLP spent 1 %of the machinery cost on transportation. The entity also carried out the installation of the machinery by payingRs10000. The estimated scrap value of the machinery at the end of the 5years is Rs50000.
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Calculate the annual depreciation expenses (5 Marks)
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If the LLP dispose off the machinery for Rs 300000, after the completion of 4 years. Calculate the amount of depreciation accumulated at the end of 4 years. Profit or loss on sale of such asset (5 Marks)
3RD SEM NMIMS April,May 2023 solved assignments-Meri Shrushti LLP purchased machinery for Rs 500000. The LLP spent 1 %of the machinery cost on transportation. The entity also carried out the installation of the machinery by payingRs10000. The estimated scrap value of the machinery at the end of the 5years is Rs50000.
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