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Problem No 6 Chapter No 11 - Unimax Class 11
A firm purchases on 1st jan.2018 a second-hand machinery for ₹ 36,000 and spent ₹ 4,000 on its installation.
On 1st July in same year, another machinery costing ₹ 20,000 was purchased. On 1st July,2020 machinery bought on 1st Jan., 2018 was sold for ₹ 12,000 and a fresh machine purchased for ₹ 64,000 on the same date. Depreciation is provided annually on 31st Dec. @ 10% p.a. on the written down value method. Show machinery A/c from 2019 to 2020.
| Dr. | Machine A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 1/1/2018 | To Bank A/c | 36,000 | 31/12/18 | By Deprecation A/c | 5,000 | ||
| 01/01/18 | To Bank A/c (installation cost) | 4,000 | 31/12/18 | By Balance C/d | 55,000 | ||
| 1/7/2018 | To Bank A/c | 20,000 | |||||
| 60,000 | 60,000 | ||||||
| 1/1/2019 | To Bank A/c | 55,000 | 31/12/19 | By Deprecation A/c | 5,500 | ||
| 31/12/19 | By Balance C/d | 49,500 | |||||
| 55,000 | 55,000 | ||||||
| 1/1/2020 | To Balance b/d | 49,500 | 1/7/2020 | By Bank A/c | 12,000 | ||
| 1/7/2020 | To Bank A/c | 64,000 | 1/7/2020 | By Profit & Loss A/c | 18,780 | ||
| 31/12/20 | By Deprecation A/c | 6,530 | |||||
| 31/12/20 | By Balance C/d | 76,190 | |||||
| 1,13,500 | 1,13,500 | ||||||
Working Note:
(1) Deprecation om machinery purchased on Jan.1,2018 at 31st Dec.2018 = ₹ 4,000.
Depreciation on machinery purchased on jan.1,2018 at 31st Dec.2019 = ₹ 3,600.
Depreciation on machinery purchased on jan.1,2018 at July 1,2020 = ₹ 1,620.
(2) Book value of machinery purchased on Jan.1,2018 at July 1,2020 = ₹ 30,780
(3) Loss on sales of of machinery = ₹ (30,780-12,000) = ₹ 18,780
(4) Depreciation on machinery purchases on July 1,2018 at 31st Dec. 2018 = ₹ 1,000
Depreciation on machinery purchases on July 1, 2018 at 31st dec. 2019 = ₹ 1,90
Depreciation on machinery purchases on July 1, 2018 at 31st dec. 2020 = ₹ 1,710
(5) Depreciation on machinery purchases on July 1, 2020 on 31st Dec. 2020 = 3,200.
It is all about Problem No 6 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: –
Part-I
Students may choose only one part from the Part II and Part III
Part-II
Part-III
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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