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Question No 2 Chapter No 14 - T.S. Grewal 11 Class

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Question No 2 Chapter No 14

2. On 1st April 2015, X Ltd. Purchased me chine costing Rs 4,00,000 and spent Rs 50,000 on its installation. The estimated life of machinery is 10 years, after which its residual instalment Method and prepare Machinery Account for the three years. The books are closed on 31st March every year.

The solution of Question No 2 Chapter No 14: -

The method of calculating the Deprecation rate:

Amount of Depreciation =	Cost of assets- Estimated Realizable or Scrap value
	Number of years of expected useful life

Rate of Deprecation can be calculated with the help of following formula:

Cost of assets = Cost of Machine + Installation cost = 4,00,000+50,000 = 4,50,000
Number of years of expected useful life = 10 years
Estimated Retaliated or Scrap value = 50,000

Amount of Depreciation =	4,50,000-50,000	= 40,000
	10

Date	Particulars	Amount	Date	Particulars	Amount
Dr.	Machine A/c				Cr.
01/04/15	To Cash A/c	4,50,000	31/03/16	By Deprecation A/c	40,000
			31/03/16	By Balance C/d	4,10,000
		4,50,000			4,50,000
01/03/16	To Balance b/d	4,10,000	31/03/17	By Deprecation A/c	40,000
			31/03/17	By Balance C/d	3,70,000
		4,10,000			4,10,000
01/03/17	To Balance b/d	3,70,000	31/03/18	By Deprecation A/c	40,000
			31/03/18	By Balance C/d	3,30,000
		3,70,000			3,70,000

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Also, Check out the solved question of previous Chapters: -

Chapter No. 1 – Introduction to Accounting
Chapter No. 2 – Basic Accounting Terms
Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
Chapter No. 4 – Bases of Accounting
Chapter No. 5 – Accounting Equation
Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
Goods and Services Tax(GST)
Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
Chapter No. 8 – Journal
Chapter No. 9 – Ledger
Chapter No. 10 – Special Purpose Books I – Cash Book
Chapter No. 11 – Special Purpose Books II – Other Books
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 13 – Trial Balance
Chapter No. 14 – Depreciation
Chapter No. 15 – Provisions and Reserves
Chapter No. 16 – Accounting for Bills of Exchange
Chapter No. 17 – Rectification of Errors
Chapter No. 18 – Financial Statements of Sole Proprietorship
Chapter No. 19 – Adjustments in preparation of Financial Statements
Chapter No. 20 – Accounts from incomplete Records – Single Entry System
Chapter No. 21 – Computers in Accounting
Chapter No. 22 – Accounting Software – Tally
Chapter No. 5 - Accounting Equation
Chapter No. 6 - Accounting Procedures - Rules of Debit and Credit
Goods and Services Tax(GST)
Chapter No. 8 - Journal
Chapter No. 9 - Ledger
Chapter No. 10 – Special Purpose Books I – Cash Book