The machinery of ₹ 35,500 is purchased on 1st July 2018 and on the same day ₹ 4,500 are spent on the installation of the Machinery.

GST is imposed by the Government of India from 1st July 2017.

The machinery account is debited when expenses are paid for the installation of machinery.

This statement is False. Wages paid on the installation of machinery are debited to the machinery account as they are the capital nature of expenditures.

i. Fixed ii. Machinery iii. Diminishing Balance iv. Scrap value v. Depreciation vi. Constant vii. Capital viii. Scrap value ix. Nominal x. Depretium

Depreciation as per straight line method = Cost of Furniture × Percentage × Period = 3,00,000 × \(\frac{6}{100}\times\frac{6}{12}\) = ₹ 9,000

Original cost on 01.01.2016 = ₹ 2,00,000 Less: Dep for 2015-16 for 3 months = ₹ 5,000 W.D.V. on 01.04.2016 = ₹ 1,95,000 Less: Dep for 2016-17 for 12 months = ₹ 19,500 W.D.V....

Original cost of machinery on 01.04.2015 = ₹ 10,000 Less: Dep for 2015-16 for 12 months = ₹ 1,000 W.D.V. on 01.04.2016 = ₹ 9,000 Less: Dep for 2016-17 for 3 months = ₹...

asha is correct because there is an agreement between the two partners to pay rent from 1st April , 2019.

Correct option is: (C) World population day

(i) A machine purchased for installation in a factory is a final product because expenditure on machine is investment expenditure. (ii) Fees paid to the lawyer by a producer is...