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Question No 10 Chapter No 11 - Unimax Class 11
X Ltd. has imported a machinery on 1st July, 2017 for ₹ 1,28,000, paid customs duty and freight ₹ 65,000 and incurred erection charges ₹ 48,000. Another local machinery costing ₹ 80,000 was purchased on January 1, 2018. On 1st July 2019, a portion of the imported machinery (value one-third) got out of order and was sold for ₹ 27,840. Another machinery was purchased to replace the same for ₹ 40,000 on 1.7.19. depreciation is being provided @ 20% p.a. on original cost of the machinery. Show machinery account for 2017, 2018 and 2019 ending as on 31Dec. each year.
| Dr. | Machine A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 01/07/17 | To Bank A/c | 1,28,000 | 31/12/17 | By Deprecation A/c | 24,000 | ||
| 01/07/17 | To Bank A/c | 64,000 | 31/12/17 | By Balance C/d | 2,16,000 | ||
| 01/07/17 | To Bank A/c | 48,000 | |||||
| 2,40,000 | 2,40,000 | ||||||
| 01/01/18 | To Balance b/d | 2,16,000 | 01/12/19 | By Deprecation A/c | 64,000 | ||
| 01/01/18 | To Bank A/c | 80,000 | 31/12/19 | By Balance C/d | 2,32,000 | ||
| 2,96,000 | 2,96,000 | ||||||
| 01/01/19 | To Balance b/d | 2,32,000 | 01/07/19 | By Bank A/c | 27,840 | ||
| 01/07/19 | To Bank A/c | 40,000 | 01/07/19 | By Profit & Loss A/c | 20,160 | ||
| 31/12/19 | By Deprecation A/c | 60,000 | |||||
| 31/12/19 | By Balance C/d | 1,64,000 | |||||
| 2,72,000 | 2,72,000 | ||||||
Working Note:
(1) Annual depreciation on imported machinery purchased on July 1,2017 = ₹ 48,000.
(2) Annual depreciation on machinery purchased on Jan.1, 2018 = ₹ 16,000.
(3) Book value of one third part of imported machine, on date July 1,2018 = ₹ 48,000.
(4) Loss on sale of machinery = ₹ (48,000-27,840) = ₹ 20,160.
(5) Annual depreciation on machinery purchased on July 1,2019 = ₹ 8,000.
It is all about Question No 10 Chapter 11 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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