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Question No 15 Chapter No 11 - Unimax Class 11
15. A company purchased a machinery for ₹ 50,000 on 1st July,2017. Another machinery costing ₹ 10,000 was purchased on 1st sept. 2018. On 31st dec.,2019, the machinery purchased in 2017 was sold at a loss of ₹ 5,000. The company charges depreciation at the rate of 15% on diminishing balance method. Accounts are closed on 31st dec. every year. Prepare machinery account for 3 years.
| Dr. | Machine A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 01/07/17 | To Balance b/d | 50,000 | 31/12/17 | By Deprecation A/c | 3,750 | ||
| 31/12/17 | By Balance C/d | 46,250 | |||||
| 50,000 | 50,000 | ||||||
| 01/01/18 | To Balance b/d | 46,250 | 31/12/18 | By Deprecation A/c | 7,438 | ||
| 01/08/18 | To Bank A/c | 10,000 | 31/12/18 | By Balance C/d | 48,812 | ||
| 56,250 | 56,250 | ||||||
| 01/01/19 | To Balance b/d | 48,812 | 31/10/19 | By Bank A/c | 28,415 | ||
| 31/10/19 | By Profit & Loss A/c | 5,000 | |||||
| 31/12/19 | By Deprecation A/c | 7,322 | |||||
| 31/12/19 | By Balance C/d | 8,075 | |||||
| 48,812 | 48,812 | ||||||
Working Notes:
(1) Depreciation on machinery purchased on July,1,2017.
Dep. On Dec. 31,2017 = ₹ 3,750
Dep. On Dec. 31,2018 = ₹ 6,938
Dep. On Dec. 31,2019 = ₹ 5,897
(2) Book value of machinery sold on 31/12/2017 = ₹ 33,415(28,415+5,000)
(3) Dep. On machinery purchased on sept. 1,2018:
Dep. On 31/12/2018 = ₹ 500
Dep. On 31/12/2019 = ₹ 1,425
It is all about Question No 15 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
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Part-I
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Part-II
Part-III
Read out the full article to know the meaning of Rectification of Errors
Error Rectification in accounting – Explanation with examples
Also, Check out the same article in Hindi from the following link
Error Rectification in accounting – Explanation with 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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