Show all your calculations part.
Homework Answers
Calculation of purchase cost of the machine
Depreciation=Cost of Purchase-residual value/useful life
Accumulated depreciation as on 31-12-2019=320000
Lets assume cost of the machine is x
(Cost of Purchase-residual value/useful life)*2 = Accumlated depreciation as on 31-12-2019
(X-20000)/5*2=320000
X-20000=320000*5/2
X-20000=800000
X=800000+20000=820000
Cost of the asset =820000
Accumlated Depreciation as on 31.12-2020=(820000-20000)/5*3=480000
Written down value as on 31-12-2020=820000-480000=340000
Loss on sale of asset=Sale value-written down value=0-340000
=-340000
Entry will be as below
|
Account title |
Debit |
Credit |
|
Accumlated depreciation |
480000 |
|
|
Loss on sale of asset |
340000 |
|
|
Machine |
820000 |
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Show all your calculations part.
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