Multiple Choice Questions (MCQ's) of Accounting

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Multiple Choice Questions (MCQ's) of Accounting

danishayub_76
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#74

03-30-2009, 06:07 PM

Dear Awais Bhai ! Assalam O Alaikum. Hope you will be fine and healthy. I need your guidance in the following question of ICMAP examinations in previous year.
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.

Waiting for your help....

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

[No subject] - by awaisaftab - 02-02-2009, 06:30 PM

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

[No subject] - by danishayub_76 - 02-03-2009, 07:01 PM

[No subject] - by awaisaftab - 02-06-2009, 07:31 PM

[No subject] - by danishayub_76 - 02-06-2009, 07:35 PM

[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

[No subject] - by awaisaftab - 02-11-2009, 02:38 PM

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

[No subject] - by danishayub_76 - 02-12-2009, 02:00 PM

[No subject] - by awaisaftab - 02-16-2009, 04:48 PM

[No subject] - by awaisaftab - 02-16-2009, 04:53 PM

[No subject] - by danishayub_76 - 02-16-2009, 06:34 PM

[No subject] - by awaisaftab - 02-17-2009, 01:21 PM

[No subject] - by danishayub_76 - 02-18-2009, 08:12 PM

[No subject] - by faisal_ali - 02-19-2009, 03:21 AM

[No subject] - by awaisaftab - 02-19-2009, 02:16 PM

[No subject] - by danishayub_76 - 02-19-2009, 02:38 PM

[No subject] - by awaisaftab - 02-19-2009, 06:24 PM

[No subject] - by danishayub_76 - 02-19-2009, 07:52 PM

[No subject] - by awaisaftab - 02-25-2009, 04:29 PM

[No subject] - by maani - 02-25-2009, 05:07 PM

[No subject] - by awaisaftab - 02-25-2009, 05:29 PM

[No subject] - by awaisaftab - 02-25-2009, 05:36 PM

[No subject] - by danishayub_76 - 02-25-2009, 06:21 PM

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[No subject] - by awaisaftab - 03-09-2009, 09:18 PM

[No subject] - by wasim akram - 03-09-2009, 10:26 PM

[No subject] - by awaisaftab - 03-09-2009, 10:44 PM

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[No subject] - by danishayub_76 - 03-30-2009, 03:20 PM

[No subject] - by danishayub_76 - 03-30-2009, 06:07 PM

[No subject] - by faisal_ali - 04-04-2009, 05:59 AM

[No subject] - by faisal_ali - 04-04-2009, 06:41 AM

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