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Question No 17 Chapter No 11 - Unimax Class 11
On 1.1.2016, Mrs. Neelam Sharma bought a machinery for ₹ 25,000 on which she spent ₹ 5,000 for carriage and freight, ₹ 1,000 for brokerage of the middle-man, ₹ 3,500 for installation and ₹ 500 for an iron pad. The machinery is depreciated @ 10% per annum on written down value basis. After four years the machine was sold to Deep for ₹ 30,500 and ₹ 500 were paid or loss on sale of machine if the accounts are closed on 31st December every year.
| Dr. | Machine A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 01/01/16 | To Bank A/c | 25,000 | 31/03/16 | By Deprecation A/c | 3,500 | ||
| 01/01/16 | To Bank A/c (carriage and freight cost) | 5,000 | 31/03/16 | By Balance C/d | 31,500 | ||
| 01/01/16 | To Bank A/c (brokerage paid) | 1,000 | |||||
| 01/01/16 | To Bank A/c (installation cost) | 3,500 | |||||
| 01/01/16 | To Bank A/c | 500 | |||||
| 35,000 | 35,000 | ||||||
| 01/01/17 | To Balance b/d | 31,500 | 31/03/17 | By Deprecation A/c | 3,150 | ||
| 31/03/17 | By Balance C/d | 28,350 | |||||
| 31,500 | 31,500 | ||||||
| 01/01/18 | To Balance b/d | 28,350 | 31/12/18 | By Deprecation A/c | 2,835 | ||
| 31/12/18 | By Balance C/d | 25,515 | |||||
| 28,350 | 28,350 | ||||||
| 01/01/19 | To Balance b/d | 25,515 | 31/12/19 | By Deprecation A/c | 2,552 | ||
| 31/12/19 | To Profit & loss A/c | 7,037 | 31/12/19 | By Balance C/d | 30,000 | ||
| 32,552 | 32,552 | ||||||
It is all about Question No 17 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
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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