Required:Complete

0 No. 1: 0n 131 Sept.2001r ABC 8 Co imported machine from ltaly at Rs.1256,000y In addition to its purchase price. company also paid the following expenses related to its purchase. a} paid freight charges Rs.?5,000 b} insurance in transit Rs.25000 c) Cc also paid import duty Rs.235.000 and transportation charges Rs.5000. d} On its way from airport to office premises. a challan of Rs.1,000 was paid to trafc police for breaking the traffic rule. e) Foundation and installation cost incurred Rs. 125.000. f} Test run cost incurred Rs.15,000. 9} An amount of Rs.10,000 has been paid to insurance company on account of fire insurance for 3 years. Estimated life of the machine is 5 years and expected scrap value is Rs.250,000. Required: 1} Compute total cost of the machine 2} Compute depreciation expense under following methods for three years: - Straight line method . Diminishing balance methodf rate 20%} 3} Pass necessaryjournal entries for cost of machine 8. depreciation expense charged each yeah 4} Prepare ledgers for Machine Account, Allowance for Depreciation and Depreciation Expense. 5} Suppose if the machine was sold on Dec.31"t 2002 at Rs.1100.000. Pass journal entry for the disposal. 5} Suppose if the machine was exchanged with a nevir machine costing Rs.20,0 0,000 on Dec.31St 2003. Tradeinallowance of the old machine was agreed at Rs.11y00.000. 0 No.2 Merchant S Co bought machine at a cost of Rs.200,000 on September 1.1000 on credit from Hamid brothers. Paid installation cost Rs.20.000. During installation certain part of machine damage and repaired at a cost of Rs.5000.Estimated life of the machine is 5 years and scrap value is Rs.40,000. Required: Present schedule of depreciation under following methods for 5 years. Last year depreciation should be adjusted to arrive at scrap value: Straight line method Diminishing Balance method 0 No.3 Khalid Brothers purchased two machines at a cost of Rs.25000 each on March 5,1008. Another machine bought on July 5,1008 at Rs.}'5.000. Three machines purchased on September 5. 1008 at Rs.40,000 each. Required: Present Machine Account on December 31.1 008. Compute depreciation under straight line method I[ Rate 10% } using fraction of the year of '1 99s. Present book value at December 31.1 008. 0 No.4 A company bought machine on July 1. 1008 at a list price of Rs.80. 000. Trade discount availed 1016. Credit term is 2.5!10. N45. Company paid following expenses: Installation charges Rs.5000 Foundation charges 12500 Trial run cost 2000 The estimated life of the machine is expected to be 10 years and expected scrap value is Rs.0500. Required: 1 . Compute total cost of the machine 2. Compute depreciation for the year 1008, 1000 and 2000 under following methods. a. Straight line method