10.A company purchased plant and machinery for one million, on 1 January 2008. The company uses straight-line depreciation. The company estimates that the plant and machinery will have a useful life of 3 years, after which it may be disposed of for RS 100,000. The machine was sold on 30th April 2010 for 100,000. Which of the following accounting entry is correct for the sales transaction of plant and machinery :Required to answer. Single choice.

(2 Points)

Debit: Cash 100,000 CR: Plant and machinery 100,000

Debit: Cash 100,000 , Loss on sale of plant and machinery 200,000 CR: Plant and machinery 200,000

Debit: Plant and machinery 100,000 CR: Cash 100,000

Debit: Cash 300,000 , CR: Plant and machinery 200,000 , Profit on sale of plant and machinery 200,000

11.The closing entry for interest received given in the trial balance will:Required to answer. Single choice.

(2 Points)

Dr : Interest Cr: P&L

Dr: Operating Expenses Cr: P&L

Dr: P&L Cr: Interest

Dr: P&L Cr: Operating Expenses

14- A company purchased plant and machinery for one million, on 1 January 2008. The company uses straight-line depreciation. The company estimates that the plant and machinery will have a useful life of 3 years, after which it may be disposed of for RS 100,000. The accumulated depreciation on 1st January 2010 will be:Required to answer. Single choice.

(2 Points)

666,666

600,000

300,000

333,333

19.A company purchased plant and machinery for one million, on 1 January 2008. The company uses straight-line depreciation. The company estimates that the plant and machinery will have a useful life of 3 years, after which it may be disposed of for RS 100,000. What was the net book value of the plant and machinery at 31 December 2009?Required to answer. Single choice.

(2 Points)

700,000

666,666

33,333

300,000

21.Dr: P&L 2000 Cr: Irrecoverable Debt/Bad Debts 2000 Which of the following best explains the above accounting entry:Required to answer. Single choice.

(2 Points)

Accounting entry for recondition of Irrecoverable Debt/Bad Debts

Accounting entry for creation of Allowance for Irrecoverable Debt/Bad Debts

Accounting entry for charging of Irrecoverable Debt/Bad Debts to Debtors

Closing entry for Irrecoverable Debt/Bad Debts

38.The following items are extracted from the Trail balance of COCU Store. Opeaning inventory 34,000 Motor vehicles (net book value) 84,000 Accounts payable 102,000 Accounts receivable 122,700 Buildings (net book value) 600,000 Cash at bank 42,000 Bank Loan 320,000 Closing inventories 31 March 2020 90,000 The value of Capital should be:Required to answer. Single choice.

(3 Points)

550,700

516,700

640,700

618,700

I know these are more mcqs than you are supposed to do for one question but i dont many questions left to post so please if you could help me out on this one its my final exam. Thank you