5(c) SHEENA Ltd acquired machinery on lease from BHARAT Ltd on the following terms:
Lease Term 5 Years,Fair Value of Machinery (useful life 15 years) ₹ 30 lakhs,Annual Lease Rental payable at ₹ 5 lakhs, ₹ 4
lakhs, ₹ 3 lakhs, ₹ 2 lakhs, ₹ 1 lakh at the end of each year ,
Implicit Rate of Return (IRR) 15%
Question
Accounts Tax GST
March 17, 2021, 9:44 a.m.
Answer
On 01.10.2016, X purchased 5 Machines from Y for ₹ 10,00,000. Payment was to be made—20% down and the balance in
four annual equal instalments of ₹ 2,50,000 each to be paid at the end of each year. X, writes off depreciation @ 20% p.a. on the
original cost. On X ’s failure to pay the third instalment, Y e-mailed X that on 01.04.2020 he will repossess 3 machines and will
allow a credit for lower of the following:
(i) Value of Machines on the basis of 40% p.a. depreciation on WDV basis.
(ii) the amount paid against 3 machines less 50%.
X replied Ok. 01.04.2020 Y repossessed the machines as per mail.Y spent ₹ 6,000 on repairs of these machines and sold one of
such machines for ₹ 70,000 on 30th June 2020. X follows financial year as its accounting year.
Required: Prepare Machinery Account and Hire Vendor’s Account in the books of X and Hire Purchaser’s Account and Goods
Repossessed Account in the books of Y. Also Show the Items related to Hire Purchase in the Balance Sheet of X as at 31st
March, 2020.
four annual equal instalments of ₹ 2,50,000 each to be paid at the end of each year. X, writes off depreciation @ 20% p.a. on the
original cost. On X ’s failure to pay the third instalment, Y e-mailed X that on 01.04.2020 he will repossess 3 machines and will
allow a credit for lower of the following:
(i) Value of Machines on the basis of 40% p.a. depreciation on WDV basis.
(ii) the amount paid against 3 machines less 50%.
X replied Ok. 01.04.2020 Y repossessed the machines as per mail.Y spent ₹ 6,000 on repairs of these machines and sold one of
such machines for ₹ 70,000 on 30th June 2020. X follows financial year as its accounting year.
Required: Prepare Machinery Account and Hire Vendor’s Account in the books of X and Hire Purchaser’s Account and Goods
Repossessed Account in the books of Y. Also Show the Items related to Hire Purchase in the Balance Sheet of X as at 31st
March, 2020.
Accounts Tax GST
March 17, 2021, 9:39 a.m.
Answer
I buy a leather ball for 200 rupees and sell for 225. what is the profit and loss
Accounts Tax GST
March 16, 2021, 11:18 p.m.
Answer
A partner in a rm has drawn the following amounts for the half year ended on 31st March 2020 :
Date
Amount
9th Sep 2019
9,000
10th Oct 2019
10,000
11th Nov 2019
11,000
12th Dec 2019
12,000
13th Jan 2020
13,000
14th Feb 2020
14,000
15th Mar 2020
15,000
Assume February has 28 days
Date
Amount
9th Sep 2019
9,000
10th Oct 2019
10,000
11th Nov 2019
11,000
12th Dec 2019
12,000
13th Jan 2020
13,000
14th Feb 2020
14,000
15th Mar 2020
15,000
Assume February has 28 days
Maths
March 16, 2021, 10:52 p.m.
Answer
Frequency distribution of daily income of 550 workers of a factory