Multiple Choice Questions (MCQ's) of Accounting

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Multiple Choice Questions (MCQ's) of Accounting

danishayub_76
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#73

03-30-2009, 03:20 PM

Javed & Sons (Pvt) Limited, traded off its used plant and machinery for a
new model. The old machinery, given off, had a book value of Rs.16,000
and fair value of Rs.12,000. The machine was bought two years back at a
cost of Rs.24,000. However, the management traded it off for a new model
having invoice price of Rs.32,000. In negotiations with the seller, a tradein-
allowance of Rs.18,000 was agreed for the old machine.
Required In the light of IAS-16
(i) Calculate the cost of new machine.
(ii) Compute gain/ loss incurred in exchange transaction.
(iii) Record the transaction in the books of the company.

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Multiple Choice Questions (MCQ's) of Accounting - by awaisaftab - 01-31-2009, 05:56 PM

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[No subject] - by danishayub_76 - 02-03-2009, 06:58 PM

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[No subject] - by awaisaftab - 02-06-2009, 08:27 PM

[No subject] - by Astute Accountant - 02-10-2009, 08:51 PM

[No subject] - by awaisaftab - 02-11-2009, 02:33 PM

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[No subject] - by danishayub_76 - 02-12-2009, 01:48 PM

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