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Question 2 Chapter 11 – Unimax Publications of Class 11
On 1st January 2016, a limited company purchases a machine for ₹ 72,000 and spent ₹ 4,000 on its installation. At the date of purchase, it was estimated that the scrap value of the machine would be 4 6,000 at the end of ten year.
Prepare machinery account by and Depreciation A/c in the books of company for 4 years it deprecation is provided by Fixed Instalment method. The books are closed on 31st December each year.
| Dr. | Machine A/c | Cr. | ||||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount | |
|---|---|---|---|---|---|---|---|---|
| 1/01/2016 | To Bank A/c | 72,000 | 31/12/16 | By Deprecation A/c | 7,000 | |||
| 01/01/16 | To Bank A/c (installation cost) | 4,000 | 31/12/16 | By Balance C/d | 69,000 | |||
| 76,000 | 76,000 | |||||||
| 1/01/2017 | To Balance b/d | 69,000 | 31/12/17 | By Deprecation A/c | 7,000 | |||
| 31/12/17 | By Balance C/d | 62,000 | ||||||
| 69,000 | 69,000 | |||||||
| 1/01/2018 | To Balance b/d | 62,000 | 31/12/18 | By Deprecation A/c | 7,000 | |||
| 31/12/18 | By Balance C/d | 55,000 | ||||||
| 62,000 | 62,000 | |||||||
| 1/01/2019 | To Balance b/d | 55,000 | 31/12/19 | By Deprecation A/c | 7,000 | |||
| 31/12/19 | By Balance C/d | 48,000 | ||||||
| 55,000 | 55,000 | |||||||
| Dr. | Depreciation A/c | Cr. | ||||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount | |
|---|---|---|---|---|---|---|---|---|
| 31/12/16 | To Machinery A/c | 7,000 | 31/12/16 | By profit & Loss A/c | 7,000 | |||
| 7,000 | 7,000 | |||||||
| 31/12/17 | To Machinery A/c | 7,000 | 31/12/17 | By profit & Loss A/c | 7,000 | |||
| 7,000 | 7,000 | |||||||
| 31/12/18 | To Machinery A/c | 7,000 | 31/12/18 | By profit & Loss A/c | 7,000 | |||
| 7,000 | 7,000 | |||||||
| 31/12/19 | To Machinery A/c | 7,000 | 31/12/19 | By profit & Loss A/c | 7,000 | |||
| 7,000 | 7,000 | |||||||
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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