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11th Standard English Medium Accountancy Subject Depreciation Accounting Creative 2 Mark Questions with Solution Part - I updated Creative Questions

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Questions:

Generic 2

5 x 2 = 10

A Company purchased a plant for Rs. 1,00,000. The useful life of the plant is 5 years and the residual value is Rs. 10,000. Find out the rate of depreciation under fixed percentage on original cost method.

A machine was purchased for Rs. 30,000 on 1st January, 2014. It is expected to last for 5 years. Estimated scrap at the end of five/years is Rs. 5,000. Find out the rate of depreciation under original cost method.

Abdul purchased a Machinery on 1^st April for 2,00,000. After' having used it for three years it was sold for 1,60,000. Depreciation is to be provided at the rate of 10% on diminishing Balance method. Accounts are closed on' 31^st March of every year. Find out the Profit or ·Loss on sale of Machinery.

On1^stJanuary 2013,acompany purchased a machine for Rs. 25,000. The estimated life of the machine 10 years after which is breakup value will be Rs. 5,000. Find out the amount of annual depreciation under Fixed Instalment Method.

What is original cost method of providing depreciation?

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Answers Key:

Generic 2

5 x 2 = 10

Amount of Depreciation = \(\frac { Total\ cost\ -\ Scrap\ value }{ Estimated\ Life } \)
= \(\frac { 1,00,000-10,000 }{ 5 } \) = Rs 18,000
Rate of Depreciation = \(\frac { Annual\ Depreciation }{ Original\ cost } \times 100\)
= \(\frac { 10,000 }{ 1,00,000 } \times 100\)
= 18%

Amount of Depreciation = \(\frac { Total\quad cost\quad -\quad Scrap\quad value }{ Estimated\quad Life } \)
= \(\frac { 30,000-5,000 }{ 5 } \) = Rs 5,000
Rate of Depreciation = \(\frac { Annual\quad Depreciation }{ Original\quad cost } \times 100\)
= \(\frac { 5,000 }{ 30,000 } \times 100\)
= 16.67%

Calculation of Profit or Loss on sale of Machinery
Date	Particulars	Amount Rs
2001 Apr 01	Cost of the Machinery	2,00,000
2002 Mar 31	Less : Depreciation	20,000
		1,80,000
2003 Mar 31	Less : Depreciation	18,000
		1,62,000
2004 Mar 31	Less: Depreciation	16,200
	Book Value	1,45,800
	Sales	1,60,000
	Profit	14,200

Total Cost = Purchase Price
= Rs 25,000
Amount of Depreciation = \(\frac { Total\quad cost-scrap\quad value }{ Estimated\quad life } \)
= \(\frac { 25,000-5,000 }{ 10 } \)
= Rs. 2,000

(i) This method is also known as original cest method or fixed instalments method. It is known as original cost method as the depreciation is charged at a fixed percentage en the original cost of the asset.
(ii) It is known as fixed instalments method as the amount of depreciation remains equal in all the years throughout the life of an asset.