Installation charges paid for new machinery

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August undefined, 2024

NettetTransportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively.Dismantling charges of the old machine, in place of which new machine was purchased, amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31 st March, 2012. Nettet18. aug. 2024 · Paid 4000 in cash as wages on installation of Machine Pass journal entry. Asked by makrkr121 18 Aug, 2024, 11:32: AM. Expert Answer. Expenditure …

Wages Rs. 500 paid for installation of a new machine was wrongly ...

Nettet(ii) Installation charges on new machinery purchased ₹ 500 were debited to Sundry Expenses Account as ₹ 50. (iii) Radhey Shyam returned goods worth ₹ 500 which was … NettetRs.10,000 paid in cash for installation of a new machine were debited to Installation Expenses Account. This error: Class 11 >> Accountancy >> Trial Balance and Rectification of Errors >> Significance and Classification of Errors >> Rs.10,000 paid in cash for installation Question q project ask not

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Nettet(d) Installation charges on new machinery purchased ₹ 500 were debited to sundry expenses account as ₹ 50. (e) Rent paid for residential accommodation of Madan (the proprietor) ₹ 1,400 was debited to Rent A/c as ₹ 1,000. Rectify the errors and prepare Suspense Account to ascertain the difference in Trial Balance. Q. NettetMJT Company acquired a new machine and paid cash amounting of P2,000,000. Down payment 400, Note payable in 3 equal annual installments 1,200, Installation cost 800, … NettetThe machine, which had a cash price of P2, 000,000 was paid as follows: On December 31, 2010, Anxious Company acquired used machinery … domino\u0027s pizza menu uk pdf

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Rs.10,000 paid in cash for installation of a new machine were

NettetDRILL. EXTRA CORPORATION is installing a new plant at its production facility. It has incurred these costs: Cost of plant (cost per supplier’s invoice plus taxes) 2,500, Initial delivery and handling costs 200, Cost of site preparation 600, Consultants used for advice on the acquisition of the plant 700, Interest charges paid to supplier of plant for … NettetNegros Company acquired a new machinery. Invoice piice of the machinery. Cash discount available but not taken on purchase. Freight paid on the new machinery. ... Installation cost of the nqw machinery. Testing cost before the machinery was put into. regular operation including P10,000 in wages. domino\u0027s pizza menu selkirk mbNettet26. aug. 2024 · Fixed assets are capitalized. That’s because the benefit of the asset extends beyond the year of purchase, unlike other costs, which are period costs benefitting only the period incurred. Fixed assets should be recorded at cost of acquisition. Cost includes all expenditures directly related to the acquisition or construction of and the ... q projects

"Nettet30. nov. 2024 · (ii) ₹ 1,000 paid as installation charges of a new machine has been debited to Repairs Account. (iii) Goods costing ₹ 4,000 taken by the proprietor for … " - Installation charges paid for new machinery

Installation charges paid for new machinery

Mr. A purchased a machinery costing Rs. 1,00,000 on 1st

NettetOn January 1, 2010 Victory Ltd., purchased second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad. Total cost of machinery is? NettetCapital Expenditures are for fixed assets, which are expected to be productive assets for a long period of time. All the amount paid upto the point an asset is ready for use is …

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NettetCash price 2,000, Installation cost 800, Total cost P2,800,000 D. Problem 3. JMJT Company paid P5,000,000 in cash to acquire a new machinery. Other information … NettetAll the expenses paid for purchase of machinery should be debited to machinery account as its a capital expenditure. Hence, Wages paid for installation of machinery debited to wages account is an error of principle. Was this answer helpful? 0 0 Similar questions

NettetRs.10,000 Paid in cash for installation of a new machine were debited to Installation Expenses Account While Passing a rectifying entry : A Cash A/c to be debited and … Nettet15. nov. 2024 · [Q2] The entity purchased $150,000 new equipment on account….Journal entry to record the purchase of equipment. Debit Credit; Equipment: 150,000: Accounts payable: 150,000: ... Since installation charges on machinery are paid while the machinery is bought,it is considered to be a single transaction. Perhaps a conceptual …

NettetMr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2009. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively.Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Nettet1. Assembly charges that include the cost of materials incidental to performing the service. Yes. 2. User training for new equipment. Maybe. 3. Repair of equipment – cost of repair parts is 10% or less of the total charge for the repair. Maybe.

Nettet`- Rs 500 paid for installation of machinery was debited to wages account `- Rs 5000 paid for extension of building was debited to repairs account `- Rs 2000 paid for repair …

Nettet21. apr. 2024 · List price of machinery = $340,000. Discount = 3%. Sales tax paid on machinery = $35,750. Installation charges paid on machinery = $5,800. Amount paid to pour a concrete slab = $10,000. Firstly, the gross purchasing cost of machinery is determined. It is the cost of the machinery after deducting the discount from the listed … domino\u0027s pizza menu ukNettetCost of bringing the asset and preparing for intended use include P2,000 transportation cost, P4,000 installation cost and testing and trial run cost. How much is the initial cost … domino\u0027s pizza menu sri lankaNettetBusiness Accounting The corporation purchased a machine for 1 million. Freight and installation charges amounted to 3% of the purchase price. If the machine shall be … domino\u0027s pizza menu wNettet22. jun. 2016 · Let’s say you construct a new plant and you decided to relocate some machines from an older plant to the new premises. As machines are quite heavy, ... we are planning to replace KEY Asset in 2024 and Installation shall take 6-8 weeks as confirmed by supplier and consultants which ... iii. interest charges paid to supplier of … domino\u0027s pizza menu prices jamaicaNettet15. jun. 2013 · debit installation charges credit cash / bank This answer is: Add your answer: Earn + 20 pts Q: Journal entry for installation of machinery? Write your … domino\u0027s pizza menu usaNettetSolutions for Wages Rs. 500 paid for installation of a new machine was wrongly machinery account. It is an errora)Commissionb)Principlec)Omissiond)Clerical … q project studioNettetMr. Rishabh invested Rs 50,00,000. November 2 Cash deposited into the bank Rs. 30,00,000. November 2 Goods purchased for cash Rs 8,00,000 at 25% trade discount . … domino\u0027s pizza menu uk 2022