(a) A Company purchased a delivery Van for Rs. 560,000 on \( 1^{\text{st}} \) Jan 2018 and spent Rs. 40,000 on its repairs. On \( 1^{\text{st}} \)…
BBS Financial Accounting and Analysis · 2078 · Solved Question with Answer
(a) A Company purchased a delivery Van for Rs. 560,000 on \( 1^{\text{st}} \) Jan 2018 and spent Rs. 40,000 on its repairs. On\( 1^{\text{st}} \)July, 2019 , it purchased another Van for Rs. 600,000. On \( 1^{\text{st}} \)July 2020 , it sold off the \( 1^{\text{st}} \) Van for Rs. 400,000. Depreciation is provided @ 15% p.a. on diminishing balance method.
Required: Van Account for three years ending \( 31^{\text{st}} \)December each year
(b) Explain about the ethics of accounting.