CA CPT Model Test Paper 3 with solutions for online practice

Question : 47 of 200

Marks: +1, -0

CAS Ltd. Imported a machine on 1.07.2013 for Rs. 1,28,000, paid customs duty and freight Rs.64,000 and incurred erection charges Rs. 48,000. Another local machinery costing Rs. 80,000 was purchased on 1.01.2014. On 1st july 2015, a portion of the imported machinery (value one-third) got out of order and was sold for Rs. 27,840. Another machinery was purchased to replace the same for Rs. 40,000. Depreciation is to be calculated at 20% p.a. (SLM)
The loss on sale of machine and Closing Balance of Machinery Account on 31.12.2015 will be :

Rs. 40,320 and Rs. 2,64,000
Rs. 40,320 and Rs.3,92,000
Rs. 20,160 and Rs.1,64,000
None of the three

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