Paid installation charges on machinery
WebNo. 1. Assembly charges that include the cost of materials incidental to performing the service. Yes. 2. User training for new equipment. Maybe. 3. Repair of equipment – cost of … WebThe cash equivalent price of the machine was P950,000. Bamco incurred and paid installation costs amounting to P30,000. What is the amount to be capitalized as cost of the machine? a. 950, 000 b. 980, 000 c. 1,100, d. 1,130, Solution 28-2 Answer b. Cash price 950, 000 Installation cost 30, 000 Total cost 980, 000
Paid installation charges on machinery
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WebAug 20, 2024 · Paid installation charges for machinery 2000 Get the answers you need, now! rahulrajspc8751 rahulrajspc8751 20.08.2024 Accountancy ... Advertisement … WebNov 15, 2024 · Since installation charges on machinery are paid while the machinery is bought,it is considered to be a single transaction. Perhaps a conceptual answer would …
WebQuestion. Wildhorse Co. purchased equipment on January 1 at a list price of $155000, with credit terms 3/10, n/30. Payment was made within the discount period. Wildhorse paid $6500 sales tax on the equipment, and paid installation charges of $2100. Prior to installation, Wildhorse paid $3500 to pour a concrete slab on which to place the equipment. WebJun 15, 2013 · debit installation charges credit cash / bank. This answer is: ... What is the journal entry for wages paid for installation of machinery? [Debit] Machinery Asset …
WebJul 17, 2014 · Best Answer. Copy. [Debit] machinery account. [Credit] Cash / bank. Normally expenses incurred at the time of purchase of assets till it's working location is included in … WebUse 6 decimals while answering thank you. Transcribed Image Text: Liam acquired a machinery purchased for P 1,100,000.00 and paid for transportation charge of P …
WebApr 21, 2024 · List price of machinery = $340,000. Discount = 3%. Sales tax paid on machinery = $35,750. Installation charges paid on machinery = $5,800. Amount paid to pour a concrete slab = $10,000. Firstly, the gross purchasing cost of machinery is determined. It is the cost of the machinery after deducting the discount from the listed price. It is ...
WebJul 12, 2024 · A machine was purchased for ₹ 17,500 and installation charges ₹ 1000 and carriage charge ₹ 500 paid. What costs are included in the cost of machinery? All of the costs incurred placing a piece of machinery into service essentially becomes part of the cost of the machinery. buff nail spaWebJul 17, 2014 · Best Answer. Copy. [Debit] machinery account. [Credit] Cash / bank. Normally expenses incurred at the time of purchase of assets till it's working location is included in actual asset's account ... buff nail studioWebJun 3, 2024 · 1. Bought machinery from Rama Stores for 28,000 and paid freight 1,000, carriage 200 and installation charges 800. 2. Bought goods from Ratnakar for 8,000 for cash and paid carriage charges 500. 3. Bought a second hand machine for 11,000 and spent * 1,000 on carriage and * 3,000 on its repair. 4. Paid repair charges of office furniture 500. 5. crol softwareWebSep 15, 2024 · 1 Paid repairing charges on existing machineries..... April 2 Purchased a new machinery.. April 3 Paid freight and carriage on machinery April 4 Paid installation … buff name meaningWebWhat is the total cost of. Crane Company purchased machinery on January 1 at a list price of $280000, with credit terms 4/10, n/30. Payment was made within the discount period. … buff nail spa biggera watersWeb2) Wages paid for construction of building Rs 15,000 was wrongly debited to wages account. 3) Expense of installation of Machinery was debited to installation charges account Rs 55,000. 4) Brokerage paid Rs 600 for purchase of investment were debited to brokerage account. 5) Old Motor car purchased was debited to repairs account Rs 7,000. buff namesWebSolution. Verified by Toppr. Correct option is A) Capital Expenditures are for fixed assets, which are expected to be productive assets for a long period of time. All the amount paid … buff nail studio melbourne