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Question No 19 Chapter No 11 - Unimax Class 11
A firm purchased on 1st January, 2017 certain machinery for ₹ 5,82,000 and spent ₹ 10,8000 on its erection. On 1st July, 2017, additional machinery costing ₹ 2,00,000 was purchased. On 1st July,2019, the machinery purchased on 1st January, 2017 was auctioned for ₹ 2,86,000 and a fresh machinery for ₹ 4,00,000 was purchased on same date. Depreciation was provided annually on 31st December at the rate of 10% on written down value method. Prepare machinery account from 2017 to 2019.
| Dr. | Machine A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 01/04/17 | To Bank A/c | 6,00,000 | 31/12/17 | By Deprecation A/c | 70,000 | ||
| 01/07/17 | To Bank A/c | 2,00,000 | 31/12/17 | By Balance C/d | 7,30,000 | ||
| 8,00,000 | 8,00,000 | ||||||
| 01/01/18 | To Balance b/d | 7,30,000 | 31/12/18 | By Deprecation A/c | 73,000 | ||
| 31/12/18 | By Balance C/d | 6,57,000 | |||||
| 7,30,000 | 7,30,000 | ||||||
| 01/01/19 | To Balance b/d | 6,57,000 | 31/10/19 | By Bank A/c | 2,86,000 | ||
| 31/10/19 | By Profit & Loss A/c | 1,75,700 | |||||
| 31/10/19 | By Deprecation A/c | 24,300 | |||||
| 31/12/19 | By Deprecation A/c | 37,100 | |||||
| 31/12/19 | By Balance C/d | 5,33,900 | |||||
| 10,57,000 | 10,57,000 | ||||||
| Working Note: | |
| Original cost of machinery | 6,00,000 |
| Less depreciations (60,000+54,000+24,300) | 1,38,300 |
| Market value | 4,61,700 |
| Sales value | 2,86,000 |
| Loss on sale | 1,75,00 |
It is all about Question No 19 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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