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nCr Definitions and Properties

GST system wa...

Question

$G S T$ system was introduced in our country from _________

A

31^{s t}

March,

2017

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B

1^{s t}

April,

2017

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C

1^{s t}

January,

2017

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D

1^{s t}

July,

2017

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Solution

The correct option is A $1^{s t}$ July, $2017$
$G S T$ system was introduced in our country from $1^{s t}$ July, $2017$ .

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Q. A and B are partners sharing Profit and Loss in the ratio 3 : 2 having Capital Account balances of ₹ 50,000 and ₹ 40,000 on 1st April, 2017. On 1st July, 2017, A introduced ₹ 10,000 as his additional capital whereas B introduced only ₹ 1,000. Interest on capital is allowed to partners @ 10% p.a.
Calculate interest on capital for the financial year ended 31st March, 2018.

Q. On 1st July, 2015, A Co. Ltd. purchases second-hand machinery for ₹ 20,000 and spends ₹ 3,000 on reconditioning and installing it. On 1st January, 2016, the firm purchases new machinery worth ₹ 12,000. On 30th June, 2017, the machinery purchased on 1st January, 2016, was sold for ₹ 8,000 and on 1st July, 2017, a fresh plant was installed. Payment for this plant was to be made as follows:

1st July, 2017	₹ 5,000
30th June, 2018	₹ 6,000
30th June, 2019	₹ 5,500

Payments in 2018 and 2019 include interest of ₹ 1,000 and ₹ 500 respectively.
The company writes off 10% p.a. on the original cost. The accounts are closed every year on 31st March. Show the Machinery Account for the year ended 31st March, 2018.

Q. On 1st July, 2015, A Co. Ltd. purchases second-hand machinery for ₹ 20,000 and spends ₹ 3,000 on reconditioning and installing it. On 1st January, 2016, the firm purchases new machinery worth ₹ 12,000. On 30th June, 2017, the machinery purchased on 1st January, 2016, was sold for ₹ 8,000 and on 1st July, 2017, a fresh plant was installed.
Payments for this plant was to be made as follows:

1st July, 2017	₹ 5,000
30th June, 2018	₹ 6,000
30th June, 2019	₹ 5,500

Payments in 2018 and 2019 include interest of ₹ 1,000 and ₹ 500 respectively.
The company writes off 10% p.a. on the original cost. The accounts are closed every year on 31st March. Show the Machinery Account for the year ended 31st March, 2018.

Q. From the following transactions of a concern, prepare the Machinery Account for the year ended 31st March, 2018:

1st April, 2017	:	Purchased a second-hand machinery for ₹ 40,000
1st April, 2017	:	Spent ₹ 10,000 on repairs for making it serviceable.
30th September, 2017	:	Purchased additional new machinery for ₹ 20,000.
31st December, 2017	:	Repairs and renewals of machinery ₹ 3,000.
31st March, 2018	:	Depreciate the machinery at 10% p.a.

Q. A and B are partners sharing Profit and Loss in the ratio of 3 : 2 having Capital Account balances of Rs. 50,000 and Rs. 40,000 on 1st April, 2017. On 1st July, 2017, A introduced Rs. 10,000 as his additional capital whereas B introduced only Rs. 1,000. Interest on capital is allowed to partners @ 10% p.a.
Calculate interest on capital for the financial year ended 31st March, 2018.

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