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Question 33 Chapter 1 of Class 12 Part – 1 VK Publication

Question 33 Chapter 1 of Class 12 Part - 1 VK Publication
Question 33 Chapter 1 of Class 12 Part - 1 VK Publication

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Question 33 Chapter 1 of Class 12 Part – 1

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  1. 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

DateParticularsAmountDateParticularsAmount
2017  2017  
Apr. 1To Balance b/d4,50,000July 1By Depreciation A/c 9,0009,000
July 1To Income and Expenditure A/c (Profit on sale)24,000 By Bank A/c (Sale)1,95,000
2018  2018  
Jan. 1To Bank A/c (Purchase)2,55,000March 31By 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/d4,58,250
  7,29,000  7,29,000

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Income and Expenditure Account

For the year ended 31st March,2018

ExpenditureAmountIncomeAmount
To Depreciation on Machines (54,000+ 12,750+9,000) 75,750By Profit on Sale of Machines24,000

Balance Sheet

(as at 31st March,2018)

LiabilitiesAmountAssetsAmount
   Machines4,58,250

 

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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)

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Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)

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

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Chapter No. 1 – Financial Statements of a Company

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

+2 Book 1-min
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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