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1.
What is the amount of depreciation which should be presented as an expense in the
Income statement for the period ended on 2021?
Find Depreciation Amount?
Cost of Machine = 240,000
Machine time period = 5 years
Machine usage end of year = 2 months
3 , 240,000
Now Find Annual depreciation = 5
= 48000
48000 x 2
Depreciation amount of 2 months =
12
= 8000
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2.
What is the amount of trade receivable which should be presented as an asset in
Balance Sheet as on 31st December 2021?
Receivable Amount = 100,000
Debtful Debts = 20000
NRA (net Receviable amount) = receivable amount — debtful debts
Net Receivable Amount = 100,000 — 20000
= 80,000
.. . 80000
vu
5% provision on annual receviable amount = 5%
= 4000
4000 x 2
for 2 months = TT
= 667
Net receviable amount — for 2 months provision
= 80.000 — 667
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3.
Which fundamental accounting principle was violated due to NOT reporting tl
provision for depreciation and provision for doubtful debts in the Income State
According to the accural bases matching principal was violated
due to not reporting provision for depreciation and provision
for doubtful debts in income statement.
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