A machine was bought on 1st January, 1994 for Rs. 10,000. Its working life was estimated to be four years. The method of depreciation used is the 'sum of the year digit'. The machine was discarded and sold on 30th June, 1996 for Rs. 1,000. The profit/loss on sale of the discarded machine was:

Subscriptions outstanding 31^st December, 1993 Rs. 200
Subscriptions received in advance in year 1993:
1994 ⇔ 300
1995 ⇔ 100
Total subscriptions received during 1994 Rs. 5,800
Subscriptions outstanding on 31^st December, 1994:
1993 ⇔ 50
1994 ⇔ 250
Subscriptions received in advance in 1994:
1995 ⇔ 350
1996 ⇔ 150
Subscriptions to be shown in Income and Expenditure Account for the year ended 31^st December, 1994 is:

A

Rs. 5,600

B

Rs. 5,700

C

Rs. 5,800

D

Rs. 5,900

Raw material purchased:
1^st January, 600 units @ Rs. 12 per unit
12^th January, 500 units @ Rs. 14 per unit
21^st January, 300 units @ Rs. 13 per unit
Raw material issued for manufacture:
3^rd January 300 units
5^th January 124 units
15^th January 250 units
16^th January 300 units
Raw material returned to stores from manufacturing department on 14^th January, 50 units. The material is issued on First-in-First out method.
The value of material remaining in store on 21^st January will be:

A

5,775

B

6,100

C

6,350

D

6,600

The estimated life of a machine costing Rs. 9,00,000 is 9 years. The firm follows the 'Sum of Year Digit' Method of depreciation. The amount of depreciation provision on the machine in the sixth year of its life will be:

A

Rs. 40,000

B

Rs. 60,000

C

Rs. 80,000

D

Rs. 90,000

X' executed a sale deed in favour of 'Y' on 1^st January, 2002. Subsequently on 10^th January, 2002, 'X' executed a sale deed in respect of the same property in favour of 'Z'. Thereafter the sale deed in favour of 'Z' executed on 10^th January, 2002 was registered on 20^th January, 2002. Whereas the sale deed in favour of 'Y' was registered on 30^th January, 2002.
In the said case, by virtue of section 47

A

The sale deed executed in favour of 'Y' on 1st January, 2002 & registered on 30th January, 2002 shall have precedence & confer title on 'Y'

B

The sale deed executed in favour of 'Z' on 10th January, 2002 & registered on 20th January, 2002 shall have precedence & confer title on 'Z'

C

Both the sale deeds shall be void

D

The sale deeds in favour of 'Y' & 'Z' shall remain valid to the extent of 50% of the property

A', on 9^th January, 2015 agrees to sell his immovable property to 'R' and out of the total sale consideration of Rs. 3,00,000/- receives a sum of Rs. 1,00,000/- from 'B' as advance payment and agrees to vacate the property and handover vacant peaceful physical possession thereof to 'B' and to execute the Sale Deed of the property in favour of 'B' on receipt of balance sale 'consideration' on or before 9^th July, 2015. 'A' fails to vacate the property or to execute the Sale Deed or to deliver possession of the property to 'B'. 'B' after waiting patiently till 31^st January, 2016, on 1^st February, 2016 got issued a legal notice to 'A' to take the balance sale consideration and execute the Sale Deed and deliver vacant peaceful physical possession. 'A' vide his reply received by 'B' on 17^th February, 2016 denies the agreement. The limitation of three years available to 'B' for instituting a suit for specific performance is:

A

With effect from 9th January, 2015

B

With effect from 9th July, 2015

C

With effect from 17th February, 2016

D

With effect from 1st February, 2016

An asset is purchased for P 9,000.00. Its estimated economic life is 10 years after which it will be sold for P 1,000.00. Find the depreciation in the first three years using sum-of-years digit method

A

P 3,279.27

B

P 3,927.27

C

P 3,729.27

D

P 3,792.72

A company owns some land and buildings for which the following details are relevant : Cost of land Taka 50,000; cost of building Taka 100,000, estimated life of building 20 years, estimated residual value of building Taka 2000; estimated residual value of land Taka 50,000. The company uses the straight line depreciation method. Which is the correct annual depreciation charge for this asset?

A

Taka 4000

B

Taka 4900

C

Taka 7400

D

Taka 7500

A machine was purchased for Rs. 10,000 and its life was estimated to be 3 years, and at the end of its life, its book value was Rs. 5,120. If depreciation is calculated according to Diminishing Balance method, the rate of depreciation would be:

A

25%

B

15%

C

20%

D

10%

Rashna Company collected the following data in its accounting records in 2014 : From the income statement : Depreciation expense Tk. 1,000 Loss on sale of equipment 3,000 From the comparative balance sheet : Beginning balance , equipment Tk. 12,500 Ending balance , equipment 8,000 Beginning balance , accumulated depreciation 2,000 Ending balance , accumulated depreciation 2,400 No new equipment was purchased during the year. The equipment was sold at the end of the year. What was the cash in -flow from the sale of equipment in 2014?

A

Tk, 3,900

B

Tk. 1,000

C

Tk. 900

D

Tk. 600

The rate of increase of the price of sugar is observed to be two percent more than the inflation rate expressed in percentage. The price of sugar, on January 1, 1994 is Rs. 20 per kg. The inflation rates of the years 1994 and 1995 are expected to be 8% each. The expected price of sugar on January 1, 1996 would be

A

Rs. 23.60

B

Rs. 24

C

Rs. 24.20

D

Rs. 24.60

E

None of these