Question : From the following information, : Particulars Closing Balance (Rs) Opening Balance (Rs) Machinery (at cost) 4,20,000 4,00,000 Accumulated depreciation 1,10,000 1,00,000 Patents 1,60,000 ...

12 Views

Question : From the following information, :

Particulars Closing Balance (Rs) Opening Balance (Rs)

Machinery (at cost) 4,20,000 4,00,000

Accumulated depreciation 1,10,000 1,00,000

Patents 1,60,000 2,80,000

Additional Information:
1. During the year, a machine costing Rs 40,000 with an accumulated depreciation of Rs 24,000 was sold for Rs 20,000.
2. Patents written off were Rs 40,000 and some patents were sold at a profit of Rs 20,000.
Question:
Value of patents sold ____________.
Option 1: Rs 40,000
Option 2: Rs 60,000
Option 3: Rs 1,00,000
Option 4: None of the above.

Team Careers360 13th Jan, 2024

Answer

Answer Later

Report

Answer (1)

Team Careers360 25th Jan, 2024

Correct Answer: Rs 1,00,000

Solution : Answer = value of the patent sold of Rs 1,00,000

Machinery A/c
To Bal c/d	4,00,000	By Bank(sale)	20,000
To Profit & loss A/c(Profit)	4,000	By Accumulated dep	24,000
To Bank(Purchases)(b/f)	80,000	By bal c/d	4,20,000
	4,84,000		4,84,000

Accumulated dep A/c
To machinery A/c	24,000	By Bal c/d	1,00,000
To Bal c/d	1,10,000	By Profit & loss A/c(b/f)	34,000
	1,34,000		1,34,000

C.P	40,000
Accumulated dep	24,000
Book value	16,000
- S.P.	(20,000)
Profit	4,000

Patent a/c
To Bal c/d	2,80,000	By Bank(sale)	1,00,000(b/f)
To Profit & Loss	20,000	By Profit & loss(written off)	40,000
		By Bal c/d	1,60,000
	3,00,000		3,00,000

Hence, the correct option is 3.

Like Share

Related Questions

Question : From the following information, :

Particulars	Closing Balance (Rs)	Opening Balance (Rs)
Machinery (at cost)	4,20,000	4,00,000
Accumulated depreciation	1,10,000	1,00,000
Patents	1,60,000	2,80,000

Additional Information:
1. During the year, a machine costing Rs 40,000 with an accumulated depreciation of Rs 24,000 was sold for Rs 20,000.
2. Patents written off were Rs 40,000 and some patents were sold at a profit of Rs 20,000.
Question:
Value of patents sold ____________.

Option 1: Rs 40,000

Option 2: Rs 60,000

Option 3: Rs 1,00,000

Option 4: None of the above.

17 Views

Question : From the following information, :

Particulars	Closing Balance (Rs)	Opening Balance (Rs)
Machinery (at cost)	4,20,000	4,00,000
Accumulated depreciation	1,10,000	1,00,000
Patents	1,60,000	2,80,000

Additional Information:
1. During the year, a machine costing Rs 40,000 with an accumulated depreciation of Rs 24,000 was sold for Rs 20,000.
2. Patents written off were Rs 40,000 and some patents were sold at a profit of Rs 20,000.
Question:
Value of patent purchased____________.

Option 1: Rs 40,000

Option 2: Rs 60,000

Option 3: Rs 20,000

Option 4: None of the above.

4 Views

Question : From the following information, :

Particulars	Closing Balance (Rs)	Opening Balance (Rs)
Machinery (at cost)	4,20,000	4,00,000
Accumulated depreciation	1,10,000	1,00,000
Patents	1,60,000	2,80,000

Additional Information:
1. During the year, a machine costing Rs 40,000 with an accumulated depreciation of Rs 24,000 was sold for Rs 20,000.
2. Patents written off were Rs 40,000 and some patents were sold at a profit of Rs 20,000.
Question:
Value of patent purchased____________.

Option 1: Rs 40,000

Option 2: Rs 60,000

Option 3: Rs 20,000

Option 4: None of the above.

18 Views

Question : From the following information, :

Particulars	Closing Balance (Rs)	Opening Balance (Rs)
Machinery (at cost)	4,20,000	4,00,000
Accumulated depreciation	1,10,000	1,00,000
Patents	1,60,000	2,80,000

Additional Information:
1. During the year, a machine costing Rs 40,000 with its accumulated depreciation of Rs 24,000 was sold for Rs 20,000.
2. Patents written off were Rs 40,000 and some patents were sold at a profit of Rs 20,000.
Question:
Depreciation charged during the year___________.

Option 1: Rs 24,000

Option 2: Rs 34,000

Option 3: Rs 44,000

Option 4: None of the above

14 Views

Question : From the following information, :

Particulars	Closing Balance (Rs)	Opening Balance (Rs)
Machinery (at cost)	4,20,000	4,00,000
Accumulated depreciation	1,10,000	1,00,000
Patents	1,60,000	2,80,000

Additional Information:
1. During the year, a machine costing Rs 40,000 with its accumulated depreciation of Rs 24,000 was sold for Rs 20,000.
2. Patents written off were Rs 40,000 and some patents were sold at a profit of Rs 20,000.
Question:
Depreciation charged during the year___________.

Option 1: Rs 24,000

Option 2: Rs 34,000

Option 3: Rs 44,000

Option 4: None of the above

16 Views

Applications for Admissions are open.

UEI Global, Hotel Management ...

Apply

Training & Placement Guarantee | Top Recruiters: The Oberoi, Taj, Lee Meridien, Hyatt and many more

VIT Bhopal University | M.Tec...

Apply

M.Tech admissions open @ VIT Bhopal University | Highest CTC 52 LPA | Apply now

Amity University | M.Tech Adm...

Apply

Ranked amongst top 3% universities globally (QS Rankings).

Amity University Noida MBA Ad...

Apply

Amongst top 3% universities globally (QS Rankings)

Graphic Era (Deemed to be Uni...

Apply

NAAC A+ Grade | Among top 100 universities of India (NIRF 2024) | 40 crore+ scholarships distributed

XAT- Xavier Aptitude Test 2026

Apply

75+ years of legacy | #1 Entrance Exam | Score accepted by 250+ BSchools | Apply now

View All Application Forms

Trending Articles/News

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students

30,000+ Colleges

500+ Exams

1500+ E-books