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प्रश्न
Ragul purchased machinery on April 1, 2014 for ₹ 2,00,000. On 1st October 2015, a new machine costing ₹ 1,20,000 was purchased. On 30th September 2016, the machinery purchased on April 1, 2014 was sold for ₹ 1,20,000. Books of accounts are closed on 31st March and depreciation is to be provided at 10% p.a. on straight line method. Prepare machinery account and depreciation account for the years 2014-15 to 2016-17.
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उत्तर
Machinery Account
| Dr. | Cr. | ||||||
| Date | Particulars | J.F. | Amount ₹ | Date | Particulars | J.F. | Amount ₹ |
| 01.04.2014 | To Bank A/c | 2,00,000 | 31.03.2015 | By Depreciation A/c | 20,000 | ||
| 31.03.2008 | By Balance c/d | 1,80,000 | |||||
| 2,00,000 | 2,00,000 | ||||||
| 01.04.2015 | To Balance b/d | 1,80,000 | 31.03.2016 | By Depreciation A/c | 26,000 | ||
| 01.10.2015 | To Bank A/c | 1,20,000 | 31.03.2016 | By Balance c/d | 2,74,000 | ||
| 3,00,000 | 3,00,000 | ||||||
| 01.04.2016 | To balance b/d | 2,74,000 | 30.09.2016 | By Depreciation A/c | 10,000 | ||
| 30.09.2016 | By Bank A/c | 1,20,000 | |||||
| 30.09.2016 | By Profit or Loss A/c | 30,000 | |||||
| 03.03.2017 | By Depreciation A/c | 12,000 | |||||
| 03.03.2017 | By balance c/d | 1,02,000 | |||||
| 2,74,000 | 2,74,000 | ||||||
| 01.04.2017 | To balance b/d | 1,02,000 |
Depreciation Account
| Dr. | Cr. | ||||||
| Date | Particulars | J.F. | Amount ₹ | Date | Particulars | J.F. | Amount ₹ |
| 31.03.2015 | To Machinery A/c | 20,000 | 31.03.2015 | By Profit/Loss A/c | 20,000 | ||
| 20,000 | 20,000 | ||||||
| 31.03.2016 | To Machinery A/c | 26,000 | 31.03.2016 | By Profit/Loss A/c | 26,000 | ||
| 26,000 | 26,000 | ||||||
| 30.09.2016 | To Machinery A/c | 10,000 | 30.09.2016 | By Profit/Loss A/c | 10,000 | ||
| 31.03.2017 | To Machinery A/c | 12,000 | 31.03.2017 | By Profit/Loss A/c | 12,000 | ||
| 22,000 | 22,000 | ||||||
Notes-
| Date | Particulars | 1st Machinery ₹ | 2nd Machinery ₹ |
| 1.4.2014 | Cost Price 1 | 2,00,000 | |
| 31.3.2015 | (-) Depreciation 10% | 20,000 | |
| 1,80,000 | |||
| 1.10.2015 | Cost price 2 | 1,20,000 | |
| 31.3.2016 | (-) Depreciation | 20,000 | 6,000 |
| 1,60,000 | 1,14,000 | ||
| 30.10.2016 | (-) Depreciation 1 | 10,000 | |
| Book Value | 1,50,000 | ||
| 30.10.2016 | (-) Sale price | 1,20,000 | |
| Loss | 30,000 | ||
| 31.3.2017 | (-) Depreciation 2 | 12,000 | |
| Balance in Machinery A/c | 1,02,000 |
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संबंधित प्रश्न
State whether the following statement is True or False with reasons:
Depreciation increases the value of the asset.
Complete the following sentence:
Depreciation is charged on ______ asset.
Complete the following sentence:
______ is the value which an asset realises at the end of its useful life.
For which of the following assets, the depletion method is adopted for writing off cost of the asset?
On 1st January 2017 ‘Sai Industries, Nagpur’ purchased a Machine costing ₹ 1,65,000 and spent ₹ 15,000 for its installation charges. The estimated life of the Machine is to be 10 years and the scrap value at the end of its life would be ₹ 30,000. On 1st October 2018, the entire Machine was sold for ₹ 1,50,000.
Show Machinery Account, Depreciation Account, for the years 2016-17, 2017-18, and 2018-19 assuming that the accounts are closed on 31st March every year.
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.
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 charge for 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.
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.
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 charge for 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.
In the Written Down Value Method, depreciation is calculated on the:
