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Question 33 Chapter 1 of Class 12 Part – 1
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- A charitable organisation provides vocational training to youngsters in Dress Designing to make a career in the competitive world. The organisation uses some advanced machines to train them. From the following information, prepare Machines Account. You are also required to show the item Machines’ in the books of a not-for-profit organisation as at 31st March, 2018: Machines as on 1st April, 2017 Rs. 4,50,000, 2 Machines (having a book value as on 1st April, 2017-Rs. 1,80,000) were sold for Rs. 1,95,000 on 1st July, 2017. Three more machines were Purchased on 1st January, 2018 for Rs. 2,55,000. Depreciation is to be charged @20% p.a.
The solution of Question 33 Chapter 1 of Class 12 Part – 1: –
District Club
Income and Expenditure Account
For the year ended on 31st March, 2018
| Date | Particulars | Amount | Date | Particulars | Amount |
| 2017 | 2017 | ||||
| Apr. 1 | To Balance b/d | 4,50,000 | July 1 | By Depreciation A/c 9,000 | 9,000 |
| July 1 | To Income and Expenditure A/c (Profit on sale) | 24,000 | By Bank A/c (Sale) | 1,95,000 | |
| 2018 | 2018 | ||||
| Jan. 1 | To Bank A/c (Purchase) | 2,55,000 | March 31 | By Depreciation A/c [(4,50,000-1,80,000) x 20/100 ] | 54,000 |
| By Depreciation A/c (2,55,000 x 20/100x 3/12) | 12,750 | ||||
| By Balance c/d | 4,58,250 | ||||
| 7,29,000 | 7,29,000 |
Income and Expenditure Account
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For the year ended 31st March,2018
| Expenditure | Amount | Income | Amount | |
| To Depreciation on Machines (54,000+ 12,750+9,000) | 75,750 | By Profit on Sale of Machines | 24,000 | |
Balance Sheet
(as at 31st March,2018)
| Liabilities | Amount | Assets | Amount | |
| Machines | 4,58,250 | |||
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Also, Check out the solved question of all Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
Chapter No. 1 – Accounting Not for Profit Organisations
Chapter No. 2 – Partnership Accounts – I (Introduction)
Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
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Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
Chapter No. 1 – Financial Statements of a Company
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Chapter No. 2 – Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
Chapter No. 4 – Ratio Analysis
Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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