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Question 1

Complete following table seeing instructions in Heading

Employee Name Basic Salary DA            (20% of Basic)

Special Pay

1/2*(basic+da)

Incentive      Double of (Basic + Special) Gross Salary PF              12% OF (Basic+DA) Net Salary (Gross Salary-PF)
P 50000            
Q 40000            
R 10000            
S 90000            
T 8000            
Total 198000            

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Question 2

Complete the following table

Item Quantity Rate Amount Vat 5% Total Amount Commission (Rs 2 per Quantity) Net Amount
P 10000 6          
Q 20000 7          
R 15000 8          
S 30000 9          
T 250000 4          

 

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-a-

 

Item Quantity Rate Amount Vat 5% Total Amount Commission (Rs 2 per Quantity) Net Amount
P 10000 6 60000 3000 63000 20000 43000
Q 20000 7 140000 7000 147000 40000 107000
R 15000 8 120000 6000 126000 30000 96000
S 30000 9 270000 13500 283500 60000 223500
T 250000 4 1000000 50000 1050000 500000 550000
Total 325000   1590000 79500 1669500 650000 1019500

-ea- 

Question 3

If asset Value is 500000, and depreciation rate is 10%. Calculate depreciation for next 10 years using WDV Method?

Make in following format

Year Opening value Depreciation (10% of opening value) Value after depreciation (Opening Value - Depreciation)
1 500000 50000 450000
2 450000 45000 405000
3 405000 40500 364500
4 364500 36450 328050
5 328050 32805 295245
6 295245 29525 265721
7 265721 26572 239148
8 239148 23915 215234
9 215234 21523 193710
10 193710 19371 174339

 

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Q3B

 Resolve Last Question using SLM Method (Straight Line Method)

Year Opening value Depreciation (10% of original value) Value after depreciation (Opening value - Depreciation)
1 500000 50000 450000
2 450000 50000 400000
3 400000 50000 350000
4 350000 50000 300000
5 300000 50000 250000
6 250000 50000 200000
7 200000 50000 150000
8 150000 50000 100000
9 100000 50000 50000
10 50000 50000 0
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Question 4A

Rs 500000 Loan taken for 15 years at rate 10%. What is amount to be repaid after 15 years using Simple interest ?

Make it in following format

 

Year Opening Amount Interest (10% of original amount) Amount to be repaid (Opening amount + Interest)
1 500000 50000 550000
2 550000 50000 600000
3 600000 50000 650000
4 650000 50000 700000
5 700000 50000 750000
6 750000 50000 800000
7 800000 50000 850000
8 850000 50000 900000
9 900000 50000 950000
10 950000 50000 1000000
11 1000000 50000 1050000
12 1050000 50000 1100000
13 1100000 50000 1150000
14 1150000 50000 1200000
15 1200000 50000 1250000

 

 

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Question 4B

Solve question 3A using Compound interest ?

Make it in following format

 

Year Opening Amount Interest (10% of opening amount) Amount to be repaid (Opening amount + Interest)
1 500000 50000 550000
2 550000 55000 605000
3 605000 60500 665500
4 665500 66550 732050
5 732050 73205 805255
6 805255 80526 885781
7 885781 88578 974359
8 974359 97436 1071794
9 1071794 107179 1178974
10 1178974 117897 1296871
11 1296871 129687 1426558
12 1426558 142656 1569214
13 1569214 156921 1726136
14 1726136 172614 1898749
15 1898749 189875 2088624

 

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  2. Excel
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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