Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 5 Chapter No 11 - Unimax Class 11
A Maruti van was purchased on 1.1.2018 for ₹ 60,000 and ₹ 5,000 was spent on its repairs and registration. On 1.7.2019 another van was purchases for ₹ 70,000. On 1.1.2020 first van purchased on 1.1.2018 was sold for ₹ 45,000 and a new van costing ₹ 1,70,000 was purchased on the same date. Show Maruti van account from 2018-2020 on the basis of straight line method, if the rate of depreciation charged is 10% p.a. assume that books are closed on 31st December every year.
| Dr. | Machine A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 01/01/18 | To Bank A/c | 60,000 | 31/12/18 | By Deprecation A/c | 6,500 | ||
| 01/01/18 | To Bank A/c | 5,000 | 31/12/18 | By Balance C/d | 58,500 | ||
| 65,000 | 65,000 | ||||||
| 01/01/19 | To Balance A/c | 58,500 | 31/12/19 | By Deprecation A/c | 10,000 | ||
| 01/07/19 | To Bank A/c | 70,000 | 31/12/19 | By Balance C/d | 1,18,500 | ||
| 1,28,500 | 1,28,500 | ||||||
| 01/01/20 | To Balance b/d | 1,18,500 | 31/12/20 | By Bank A/c | 45,000 | ||
| 01/07/20 | To Bank A/c | 1,70,000 | 31/12/20 | By Profit & Loss A/c | 7,000 | ||
| 31/12/20 | By Deprecation A/c | 24,000 | |||||
| 31/12/20 | By Balance C/d | 2,12,500 | |||||
| 2,88,500 | 2,88,500 | ||||||
Working Note:
(1) Annul depreciation on van purchases on Jan.1, 2018 = ₹ 6,500.
(2) Annual depreciation on second van purchases = ₹ 7,000.
(3) Annual depreciation of third van purchases = ₹ 17,000.
(4) Book value of first van purchases, on Jan. 1,2020 =₹ 52,000.
(5) Loss on sales of first van = ₹ (52,000-45,000) = ₹ 7,000
It is all about Question No 5 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.
This guide covers "Question No 5 Chapter No 11 - Unimax 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax class 11 - 2021.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question No 5 Chapter No 11 - Unimax 11 Class" instantly.
