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M/s Omkar Enterprise Jalgaon acquired a Printing Machine for ₹ 75,000 on 1st Oct 2015 and spent ₹ 5,000 on its transport and installation. Another Machine for ₹ 45,000 was purchased on 1st Jan 2017. Depreciation is charged at the rate of 20% on Written Down Value Method, on 31st March every year.
Prepare Printing Machine Account for the first four years.
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Vishal Company, Dhule, purchased Machinery costing ₹ 60,000 on 1st April 2016. They purchased further Machinery on 1st October 2017, costing ₹ 30,000, and on 1st July 2018, costing ₹ 20,000. On 1st Jan 2019, one-third of the Machinery, which was purchased on 1st April 2016, became obsolete and it was sold for ₹ 18,000.
Assume that, company account closes on 31st March every year.
Show Machinery Account for the first three(3) years and pass journal entries for the Third year, after charging depreciation at 10% p.a. on Written Down Value Method.
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Mahesh Traders Solapur purchased Furniture on 1st April 2014 for ₹ 20,000. In the same year on 1st, Oct. additional Furniture was purchased for ₹ 10,000.
On 1st Oct. 2015, the Furniture purchased on 1st April 2014 was sold for ₹ 15,000 and on the same day, a new Furniture was purchased for ₹ 20,000.
The firm charged depreciation at 10% p.a. on the Reducing Balance Method.
Prepare Furniture Account and Depreciation Account for the year ending 31st March 2015, 2016, and 2017.
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Radhika-Masale’ Amravati purchased a Plant on 1st Jan. 2015 for ₹ 80,000. A new Plant was also purchased
for ₹ 60,000, installation expenses being ₹ 10,000 on 1st April 2016. On 1st Jan 2017, a new Plant was purchased for ₹ 20,000, by disposing of the 1st Plant at ₹ 60,000.
Prepare Plant Account and Depreciation Account for 31st March 2015, 31st March 2016, and 31st March 2017, assuming that the rate of depreciation was @ 10% on Diminishing Balance Method.
Solution:
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On 1st April 2015, Suman Traders purchased Machinery for ₹ 30,000. On 1st Oct. 2015, they purchased further Machinery costing ₹ 20,000.
On 1st Oct. 2016, they sold the Machine purchased on 1st April 2015 for ₹ 18,000 and brought another Machine for ₹ 15,000 on the same date.
Depreciation is provided on Machinery @ 20% p.a. on the Diminishing Balance Method and the financial year closes on 31st March every year.
Prepare the Machinery Account and Depreciation Account for the year 2015-16, 2016-17, and 2017-18.
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Correct and Rewrite the following statements:
When the credit side of the Profit and Loss Account is greater than the debit side, it is called Net Loss.
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Correct and Rewrite the following statement:
Capital A/c……………..Dr.
To Profit and Loss Account
(Being Net Profit transferred to Capital A/c)
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Give a word, term or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
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M/s Omkar Enterprise Jalgaon acquired a Printing Machine for ₹75,000 on 1 Oct 2015 and spent ₹5,000 on its transport and installation. Another Machine for ₹45,000 was purchased on 1st Jan 2017. Depreciation is charged at the rate of 20% on the Written Down Value Method, on 31st March every year.
Prepare Printing Machine Account for the first four years.
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Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March 2018 from the following balances.
1) Bank charges ₹ 22,000
2) Interest (Cr.) ₹ 16,000
3) Sundry expenses ₹ 42,000
4) Insurance ₹ 35,000
5) Salaries ₹ 40,000
6) Rates and Taxes ₹ 13,000
7) Postage ₹ 8,000
8) Advertisement ₹ 40,000
9) Rent paid ₹ 32,000
10) Bad debts ₹ 10,000
11) Commission (Cr) ₹ 17,500
12) Printing & Stationery ₹ 21,000
13) Loss by fire ₹ 18,000
14) Discount (Dr) ₹ 23,000
15) Discount (Cr) ₹ 37,000
16) Misc. Income ₹ 14,000
17) Depreciation ₹ 34,000
18) Carriage Outwards ₹ 60,000
19) Godown Expenses ₹ 40,000
Note: Gross Profit ₹ 407500
Concept: undefined >> undefined
Give a word, term or phrase that can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Concept: undefined >> undefined
M/s Omkar Enterprise Jalgaon acquired a Printing Machine for ₹ 75,000 on 1 Oct 2015 and spent ₹ 5,000 on its transport and installation. Another Machine for ₹ 45,000 was purchased on 1st Jan 2017. Depreciation is charged at the rate of 20% on the Written Down Value Method, on 31st March every year.
Prepare Printing Machine Account for the first four years.
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Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.
| 1) | Bank charges | 22,000 |
| 2) | Interest (Cr.) | 16,000 |
| 3) | Sundry expenses | 42,000 |
| 4) | Insurance | 35,000 |
| 5) | Salaries | 40,000 |
| 6) | Rates and Taxes | 13,000 |
| 7) | Postage | 8,000 |
| 8) | Advertisement | 40,000 |
| 9) | Rent paid | 32,000 |
| 10) | Bad debts | 10,000 |
| 11) | Commission (Cr) | 17,500 |
| 12) | Printing & Stationery | 21,000 |
| 13) | Loss by fire | 18,000 |
| 14) | Discount (Dr) | 23,000 |
| 15) | Discount (Cr) | 37,000 |
| 16) | Misc. Income | 14,000 |
| 17) | Depreciation | 34,000 |
| 18) | Carriage Outwards | 60,000 |
| 19) | Godown Expenses | 40,000 |
Note: Gross Profit ₹ 407500
Concept: undefined >> undefined
Give a word, term or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
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On 1st April 2015 Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years The Registration charges of the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.
Concept: undefined >> undefined
Give a word, term or phrase which can substitute of the following statement:
Account prepared to know Net Profit or Net Loss.
Concept: undefined >> undefined
M/s Omkar Enterprise Jalgaon acquired a Printing Machine for ₹75,000 on 1 Oct 2015 and spent ₹5,000 on its transport and installation. Another Machine for ₹45,000 was purchased on 1st Jan 2017. Depreciation is charged at the rate of 20% on the Written Down Value Method, on 31st March every year.
Prepare Printing Machine Account for the first four years.
Concept: undefined >> undefined
Prepare Profit and Loss Account of Sanjay Brothers for the year ended 31st March, 2018 from the following balances.
| 1) | Bank charges | ₹ 22,000 |
| 2) | Interest (Cr.) | ₹ 16,000 |
| 3) | Sundry expenses | ₹ 42,000 |
| 4) | Insurance | ₹ 35,000 |
| 5) | Salaries | ₹ 40,000 |
| 6) | Rates and Taxes | ₹ 13,000 |
| 7) | Postage | ₹ 8,000 |
| 8) | Advertisement | ₹ 40,000 |
| 9) | Rent paid | ₹ 32,000 |
| 10) | Bad debts | ₹ 10,000 |
| 11) | Commission (Cr) | ₹ 17,500 |
| 12) | Printing & Stationery | ₹ 21,000 |
| 13) | Loss by fire | ₹ 18,000 |
| 14) | Discount (Dr) | ₹ 23,000 |
| 15) | Discount (Cr) | ₹ 37,000 |
| 16) | Misc. Income | ₹ 14,000 |
| 17) | Depreciation | ₹ 34,000 |
| 18) | Carriage Outwards | ₹ 60,000 |
| 19) | Godown Expenses | ₹ 40,000 |
Note: Gross Profit ₹ 407500
Concept: undefined >> undefined
Give a word, term or phrase which can substitute the following statement:
Account prepared to know Net Profit or Net Loss.
Concept: undefined >> undefined
M/s Omkar Enterprise Jalgaon acquired a Printing Machine for ₹ 75,000 on 1 Oct 2015 and spent ₹ 5,000 on its transport and installation. Another Machine for ₹ 45,000 was purchased on 1st Jan 2017. Depreciation is charged at the rate of 20% on Written Down Value Method, on 31st march every year.
Prepare Printing Machine Account for the first four years.
Concept: undefined >> undefined
