Question
The average marks of a class of 40 students were 75.
When the marks of 5 students were removed, the average marks of the remaining students became 72. What were the average marks of the 5 students whose marks were removed?Solution
Total marks of 40 students = 40 X 75 = 3000 Total marks after 5 students were removed = 35 X 72 = 2520 So, total marks of the 5 removed students = 3000 - 2520 = 480 So, required average = 480 ÷ 5 = 96 marks
XYZ Ltd. uses Written Down Value (WDV) method for depreciation. It acquires a machine for ₹10 lakhs, has a salvage value of ₹1 lakh and charges 20% ...
A company purchases an intangible asset (software license) for ₹20 lakhs, with a legal validity of 5 years and probable economic benefit of 8 years. A...
Company X acquired equipment costing ₹5,00,000 on 1-Jan-Year1; useful life 5 years, no residual. It capitalises borrowing costs of ₹30,000 related t...
If a firm has been changing its depreciation policy every year, it is violating the_______ concept/principle of accounting.
Which asset is not eligible for depreciation under the Income Tax Act?
There are certain expenses that may be in the nature of revenue but their benefit may not be consumed in the year in which such expenditure has been inc...
A vehicle purchased for ₹8,00,000 has an estimated useful life of 5 years and a residual value of ₹1,00,000. Using the Straight-Line Method, the dep...
If the capital of a business is 230000, liabilities are 50000, loss 80000, then asset will be?
A plant was purchased for ₹10,00,000. After 4 years, its book value stands at ₹6,56,100 using the diminishing balance method. The annual rate of dep...
A company purchases machinery for ₹50 lakhs with a useful life of 10 years and salvage value of ₹5 lakhs. The company uses straight-line depreciatio...