On 1st April, 2020, Plant and Machinery was purchased for ₹ 1,20,000. New machinery was purchased on 1st Oct., 2020, for ₹ 50,000 and on 1st July, 2021, for ₹ 25,000
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On 1st October, 2016, Raj & Co. purchased machinery worth ₹ 40,000. On 1st October, 2018, it buys additional machinery worth ₹ 10,000
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Bhushan & Company purchased a Machinery on 1st April, 2019, for ₹ 54,000 and spent ₹ 6,000 on its installation. On 1st December, 2020, it purchased another machine for ₹ 30,000.
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Abhinandan Ltd. bought a machinery on 1st August, 2017, costing ₹ 90,000. It purchased further machinery on 1st December, 2017 costing ₹ 60,000 and on 1st October, 2018 it bought machine costing ₹ 40,000
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On 1st January, 2020, A Ltd. Purchased a machine for ₹ 2,40,000 and spent ₹ 10,000 on its erection. On 1st July, 2020 an additional machinery costing ₹ 1,00,000 was purchased
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A Ltd. purchased a machine for ₹ 5,00,000 on 1st April, 2022. Further addition were made on 1st October 2022 and on 1st July 2023 for ₹ 4,00,000 and ₹ 3,00,000 respectively.
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Chandra Ltd. purchased a second-hand machine for ₹ 2,68,000 plus CGST and SGST @ 6% each on 1st July, 2021. They spent ₹ 32,000 on its overhaul and installation
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On 1st April, 2021, a limited company purchased a Machine for ₹ 9,80,000 and spent ₹ 20,000 on its installation. At the date of purchase, it was estimated that the scrap value of the machine would be ₹ 40,000 at the end of the eighth year.
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A and B share the profits of a business in the ratio of 5 : 3. They admit C into the firm for a 1/4th share in the profits to be contributed equally by A and B
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A and B are partners in a firm sharing profits and losses as 5 : 3. The position of the firm as at 31st March, 2022 was as follows:
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