Problem No 3 Chapter No 11 - Unimax 11 Class

Problem No 3 Chapter No 11 - Unimax Class 11

X Ltd. Purchases an asset on 1st July,2016 at a cost of ₹ 1,10,000 and ₹ 10,000 on its installation. The firm writes off depreciation at 10% of the original cast every year. The books are closed on December 31 every year. Prepare the machinery account and depreciation account for four years.

The solution of Problem No 3 Chapter No 11 -

Dr.	Machine A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
1/7/2016	To Bank A/c		1,10,000	31/12/16	By Deprecation A/c		6,000
1/7/2016	To Bank A/c (erection cost)		10,000	31/03/14	By Balance C/d		1,14,000
			1,20,000				1,20,000
1/1/2017	To Balance b/d		1,14,000	31/12/17	By Deprecation A/c		12,000
				31/12/17	By Balance C/d		1,02,000
			1,14,000				1,14,000
1/1/2018	To Balance b/d		1,02,000	31/12/18	By Deprecation A/c		12,000
				31/12/18	By Balance C/d		90,000
			1,02,000				1,02,000
1/1/2019	To Balance b/d		90,000	31/12/19	By Deprecation A/c		12,000
				31/12/19	By Balance C/d		78,000
			90,000				90,000
1/1/2020	To Balance b/d		78,000

Dr.	DepreciationA/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
31/12/16	To Machinery A/c		12,000	31/12/16	By Profit & Loss A/c		12,000
			12,000				12,000
31/12/17	To Machinery A/c		12,000	31/12/17	By Profit & Loss A/c		12,000
			12,000				12,000
31/12/18	To Machinery A/c		12,000	31/12/18	By Profit & Loss A/c		12,000
			12,000				12,000
31/12/19	To Machinery A/c		12,000	31/12/19	By Profit & Loss A/c		12,000
			12,000				12,000

 

 

 

 

 

 

It is all about Problem No 3 Chapter 10 of Class 11 unimax, If you have any problem please comment below.

Read out the full article to know the meaning of Depreciation

Depreciation | Meaning | Methods | Examples

https://tutorstips.com/depreciation/

Also, Check out the same article in Hindi from the following link

Depreciation | Meaning | Methods | Examples-in Hindi

Also, Check out the solved question of all Chapters: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

• Chapter No. 1 - Introduction of Accounting
• Chapter No. 2 - Theory Base of Accounting
• Chapter No. 3 - Vouchers and Transactions
• Chapter No. 4 - Journal
• Chapter No. 5 - Goods and Services Tax (GST): An Introduction
• Chapter No. 6 - Ledger
• Chapter No. 7 - Special Purpose Book -  Cash Book
• Chapter No. 8 - Other Subsidiary Books 
• Chapter No. 9 - Trial Balance 
• Chapter No. 10 - Rectification of Errors
• Chapter No. 11 - Depreciation
• Chapter No. 12 - Provision and Reserves
• Chapter No. 13 - Bank Reconciliation Statement
• Chapter No. 14 - Bills of Exchange 

Students may choose only one part from the Part II and Part III

Part-II

• Chapter No. 15 - Financial Statements (Without Adjustments)
• Chapter No. 16 - Financial Statements (With Adjustments)
• Chapter No. 17 - Accounts from Incomplete Records -  Single Entry System

Part-III

• Chapter No. 18 - Introduction to Computers and Accounting information System
• Chapter No. 19 - Computerised Accounting
• Chapter No. 20 - Accounting Software: Tally 
• Chapter No. 21 - Data Base System
• Chapter No. 22 - Concept of Entity and Relationship