Depreciation

1.

1 point

Plant does not include

Car

Ships

Books

Trademarks

2.

1 point

Plant includes

Tea bushes

Patent

Livestock

Books

3.

1 point

Depreciation is allowed in case of

Tangible Assets

Intangible Assets

Both of above of above

None

4.

1 point

Which of following is not a rate of depreciation in respect of buildings?

5%

10%

15%

100%

5.

1 point

Depreciation rate on furniture is

60%

10%

15%

5%

6.

1 point

Depreciation rate on Trademark is

25%

60%

10%

15%

7.

1 point

Depreciation rate on computer is

25%

20%

10%

60%

8.

1 point

Unabsorbed depreciation can be carried forward for

4 years

8 years

can not be c/f

any number of years

9.

1 point

Rate of additional deprecation is

10%

20%

15%

100%

10.

1 point

Additional deprecation is allowed to

Traders only

Manufactures only

Both of them

None of them

11.

1 point

Additional deprecation is allowed on

Plant

Furniture

Building

Trademark

12.

1 point

If asset is acquired in previous year and put to use in same year for less than 180 days then depreciation shall be ....... of deprecation allowable.

50%

25%

100%

10%

13.

1 point

WDV of block of building on 1.4.2013 is 10,00,000
New building purchased on 1.1.2014 for 8,00,000
Part of old building sold on 1.5.2013 for 5,00,000
Deprecation (rate 10%) allowed shall be....

50,000

94,000

90,000

1,30,000

14.

1 point

WDV of block of building on 1.4.2013 is 10,00,000
New building purchased on 1.1.2014 for 8,00,000
Part of old building sold on 1.5.2013 for 15,00,000
Deprecation (rate 10%) allowed shall be....

80,000 is deprecation & 5,00,000 is Short Term Capital Gains

15,000

40,000 is deprecation & 5,00,000 is Short Term Capital Gains

30,000

15.

1 point

WDV of block of building on 1.4.2013 is 10,00,000
New building purchased on 1.1.2014 for 8,00,000
Part of old building sold on 1.5.2013 for 20,00,000
Deprecation (rate 10%) allowed shall be....

NIL & there is a short term capital gains of Rs.2,00,000

80,000 & there is a short term capital gains of Rs.10,00,000

40,000 & there is a short term capital gains of Rs.10,00,000

NIL

16.

1 point

Even if business is discontinued unabsorbed depreciation can be set off or carry forward & set off.

True

False

17.

1 point

Unabsorbed depreciation can be set off with casual income.

True

False

18.

1 point

Unabsorbed depreciation can be set off with

Casual Income

salary

House property

All of above

19.

1 point

WDV of block of plant Rs.5,00,000
Value of plant purchased & put to use on 1.1.14 Rs. 4,00,000
Value received on sale of part of old plant Rs.6,00,000
Calculate depreciation (rate 15%) & additional deprecation for previous 2013-14

Deprecation is 45,000 & Additional deprecation is 30,000

Deprecation is 22,500 & Additional deprecation is 60,000

Deprecation is 45,000 & Additional deprecation is 60,000

Deprecation is 22,500 & Additional deprecation is 30,000

20.

1 point

A library can claim deprecation on books at

15%

25%

60%

100%