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Question No 33 Chapter No 14 - T.S. Grewal 11 Class

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Question No 33 Chapter No 14

33. On 1st October 2011, X Ltd. purchased machinery for ₹ 2,50,000. A part of the machinery which was purchased for ₹ 20,000 on 1st October 2011 became obsolete and was disposed of on 1st January 2014 (having a book value ₹ 17,100 on 1st April 2013) for ₹ 2,000. Depreciation is charged @ 10% annually on written down value. Prepare Machinery Disposal Account and also show your workings. The books being closed on 31st March of every year.
The solution of Question No 33 Chapter No 14: -

Date	Particulars	Amount	Date	Particulars	Amount
Dr.	Machinery A/c				Cr.
01/10/11	To Balance b/d	2,50,000	31/03/12	By Deprecation A/c*1	12,500
			31/03/12	By Balance C/d	2,37,500
		2,50,000			2,50,000
01/04/12	To Balance b/d	2,37,500	31/03/13	By Deprecation A/c*2	23,750
			31/03/13	By Balance C/d	2,16,750
		2,37,500			2,37,500
01/04/13	To Balance b/d	2,16,750	01/12/14	By Machinery Disposal A/c	17,100
			31/03/14	By Deprecation A/c	19,665
			31/03/14	By Balance C/d	1,76,985
		2,13,750			2,13,750

Date	Particulars	Amount	Date	Particulars	Amount
Dr.	Machinery Disposal Account				Cr.
01/01/14	To Machinery A/c	20,000	01/01/14	By Provision for Depreciation A/c	4,183
			01/01/14	By Bank A/c	13,817
			01/01/14	By Loss on sale of Machinery A/c	2,000
		20,000			20,000

Working Note:-

*1:- Calculation of the amount of Depreciation on furniture for the year 2011-12
Purchased on 1st October 2011
Depreciation = Value of Asset X Rate of Depreciation X Period
Value of Asset = 2,37,500
Rate of Depreciation = 10%
Period = from 01/04/2012 to 31/03/2013 i.e.12months
(from the date of purchase/Beginning balance to the end of the financial year)
=2,37,500 X10/100 X 12/12
Depreciation = 23,750
Total Depreciation for the year = 23,750

*2:- Calculation of the amount of Depreciation on furniture for the year 2012-13
Purchased on 1st October 2011
Depreciation = Value of Asset X Rate of Depreciation X Period
Value of Asset = 2,50,000
Rate of Depreciation = 10%
Period = from 01/10/2011 to 31/03/2012 i.e.6months
(from the date of purchase/Beginning balance to the end of the financial year)
=2,50,000 X10/100 X 12/12
Depreciation = 12,500
Total Depreciation for the year = 12,500

Particulars	Amount
Statement Showing profit or loss on the sale of Machinery
Purchase value of machinery as on 1st October 2011	20,000
Less: - Amount of Depreciation charged on the year 2011-12
20,00010%6/12	1,000
Amount of Depreciation charged on the year 2012-13
19,00010%12/12	1,900
Amount of Depreciation charged on the year 2013-14
17,10010%9/12	1,283
Book value of an asset as on 1st December 2017	15,817
Sale Price of Machinery	2,000
Loss on the sale of the asset	13,817

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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