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Sample Problems in Depreciation Computations Problem 1 X Limited has the following assets with the relevant depreciation rates Asset Id Asset Value as on Depreciation Id 1/Apr/yy Rate Motor Car A 60,000 15% Motor Taxi B 80,000 30% Motor Bus C 100,000 30% Motor Cars D 50,000 15% Motor Taxis E 150,000 30% Motor Buses F 90,000 30% During the financial year Motor Car A was sold for Rs. 70,000/Motor Taxi G was purchased on 15/08/yy for Rs. 120,000 Motor Bus F was sold for Rs. 60,000 Motor Car H was purchased on 15/11/yy for 110,000 Required y Group the assets into Block of Assets and compute the depreciation. y What would be treatment if the Motor Car A was sold for Rs. 120,000? Problem 2 Y Limited has two Lorries (A & B) at the beginning of the financial year 20YY. All vehicles can be depreciated @ 30% annually. The details relating to his assets are Date 01/Apr/YY 01/Apr/YY 10/12//YY 28/Mar/YY+1 Trx. Type Opening Balance Opening Balance Purchases Sale Vehicle Id Lorry A Lorry B Lorry C Lorry A Value 700,000 500,000 10,00,000 800,000
Determine the amount of depreciation for the Assessment Year 20YY 20YY+1 What if Lorry C is sold for 800,000 on 28/Mar/20YY+1 instead of Lorry A?
Problem 3 X Limited transfers plant & machinery used in its business for several years to Y Ltd. For 20 lakhs. The WDV of the transfer is Rs. 5 lakhs. The market value on the data of the transfer is Rs. 4 lakhs. What is the actual cost to Y Ltd? How will X Ltd be assessed for this transaction?
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