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  • Selenium Test 1 As Level

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    The document provides instructions for a 1-hour accounting exam with 5 questions worth a total of 40 marks. Question 1 requires preparing machinery cost and accumulated depreciation accounts for the years 2004-2005, 2005-2006, and 2006-2007 for a company that imported machinery, sold a unit, and purchased new machinery. Question 2 requires differentiating between straight-line and reducing balance depreciation methods. Question 3 asks for advantages and disadvantages of the reducing balance method.

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    Selenium Test 1 as Level

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    The document provides instructions for a 1-hour accounting exam with 5 questions worth a total of 40 marks. Question 1 requires preparing machinery cost and accumulated depreciation accounts for the years 2004-2005, 2005-2006, and 2006-2007 for a company that imported machinery, sold a unit, and purchased new machinery. Question 2 requires differentiating between straight-line and reducing balance depreciation methods. Question 3 asks for advantages and disadvantages of the reducing balance method.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    5 views1 page

    Selenium Test 1 As Level

    Uploaded by

    awaiskhanji545
    The document provides instructions for a 1-hour accounting exam with 5 questions worth a total of 40 marks. Question 1 requires preparing machinery cost and accumulated depreciation accounts for the years 2004-2005, 2005-2006, and 2006-2007 for a company that imported machinery, sold a unit, and purchased new machinery. Question 2 requires differentiating between straight-line and reducing balance depreciation methods. Question 3 asks for advantages and disadvantages of the reducing balance method.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Selenium Academy Jinnahabad Abbottabad

    Test 1
    AS Level
    Subject: Accounting Time Allowed: 1 Hour Max marks: 40

    Q. M/S Saba pharmaceutical has imported on 1 April 2004 for $ 65000 and engaged engineer
    to erect the units, who charged $ 5000. The machinery was depreciated at 10% p.a on
    original cost and accounting year ends at 31st March. On 1st 0ctober 2006, a single unit
    which cost $ 10000 originally was sold for a cash price of $ 7000. On the same date, a new
    machinery costing $ 10000 was purchased and payment made by cheque.

    Required:

    (i) Prepare machinery at cost account 2004-2005, 2005-2006 and 2006-2007. (10)

    (ii) Prepare accumulated depreciation account 2004-2005, 2005-2006 and 2006-2007.(10)

    (iii) Prepare machinery disposal account (10)

    (iv) Differentiate between straight line method and reducing balance method. (04)

    (v) Write up advantages and disadvantages of red ucing balance method (06)

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