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Question No 22 Chapter No 11 - Unimax Class 11
On January 01,2017 Khosla Transport Co. purchased five trucks for ₹ 20,000 each. Depreciation has provided at the rate of 10% p.a. using straight line method and accumulated in provision for depreciation account. On January 1,2018 one truck was sold for ₹ 15,000. On July 1,2019, another truck (purchased for ₹ 20,000 on January 1,2017 was sold for ₹ 18,000. A new truck costing ₹ 30,000 was purchased on October 1,2019. You are required to prepare truck account, provision for depreciation account and truck disposal account for the years ended on December 2017,2018 and 2019 assuming that the firm closes its accounts in December every year.)
| Dr. | Truck A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 01/01/17 | To Bank A/c | 1,00,000 | 31/12/17 | By Balance c/d | 1,00,000 | ||
| 1,00,000 | 1,00,000 | ||||||
| 01/01/18 | To Balance b/d | 1,00,000 | 01/01/18 | By Truck disposal A/c | 20,000 | ||
| 31/12/18 | By Balance C/d | 80,000 | |||||
| 1,00,000 | 1,00,000 | ||||||
| 01/01/19 | To Balance b/d | 80,000 | 01/01/19 | By Truck disposal A/c | 20,000 | ||
| 01/10/19 | To Bank A/c | 30,000 | 31/12/19 | By Balance C/d | 90,000 | ||
| 1,10,000 | 1,10,000 | ||||||
| Dr. | Truck A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 01/01/17 | To Balance c/d | 10,000 | 31/12/17 | By Depreciation A/c | 10,000 | ||
| 10,000 | 10,000 | ||||||
| 01/01/18 | To Truck disposal A/c | 2,000 | 01/01/18 | By Balance b/d | 10,000 | ||
| 31/12/18 | To Balance c/d | 16,000 | 31/12/18 | By Depreciation A/c | 8,000 | ||
| 18,000 | 18,000 | ||||||
| 01/07/19 | To Truck disposal A/c | 5,000 | 01/01/19 | By Balance b/d | 16,000 | ||
| 01/12/19 | To Balance c/d | 18,750 | 31/12/19 | By Deprecation A/c | 7,750 | ||
| 23,750 | 23,750 | ||||||
| Dr. | Machine A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 01/01/18 | To Truck A/c | 20,000 | 01/01/18 | By Bank A/c | 15,000 | ||
| 01/01/18 | By Profit & Loss A/c | 3,000 | |||||
| 01/01/18 | By Provision for deprecation A/c |
2,000 | |||||
| 20,000 | 20,000 | ||||||
| 01/07/19 | To Truck A/c | 20,000 | 01/07/19 | By Provision for deprecation A/c | 5,000 | ||
| 01/07/19 | To Profit & Loss A/c | 3,000 | 01/07/19 | By Bank A/c | 18,000 | ||
| 23,000 | 23,000 | ||||||
It is all about Question No 22 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 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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