Question No 06 Chapter No 12 – D.K Goal 11 Class

Question No 06 Chapter No 12

Question No 06 Chapter No 12

Free Accounting book Solution - Class 11 and Class 12

06. A company purchased on 1st July 2015 machinery costing 30,000. it purchases further machinery on 1st January 2016 costing 20,000 and on 1st October 2016 costing 10,000. on 1st April 2017, the machinery installed on 1st July 2015 become absolute and was sold for 3,000
Show the Machinery Account for 3 years charging depreciation by fixed installment Method at 10% per annum. Accounts are closed on 31st March every year.

The solution of Question No 06 Chapter No 12: –

Dr. Plant & Machinery A/c Cr.
Date Particulars
J.F. Amount Date Particulars
J.F. Amount
1st Jul.2015 To Bank A/c   30,000 31st Mar2016 By Deprecation A/c(2,250 +500)   2,750
1st Jan.2016 To Bank A/c   20,000 31st Mar2016 By Balance C/d   47,250
      50,000       50,000
1st Apr 2016 To Balance b/f   47,250 31st Mar2017 By Deprecation A/c   5,500
1st Oct 2016 To Bank A/c   10,000 31st Mar2017 By Balance C/d
  53,250
      57,250       57,250
1st Apr 2017 To Balance b/f   51,750 1st Apr 2017 By Deprecation A/c   3,000
        1st Apr 2017 By Loss A/c   21,750
        31st Mar2018 By Deprecation A/c(2,000 + 1,000)   3,000
        1st Apr 2017 By Balance C/d   24,000
      51,750       51,750

Working Note:
Calculation of Depreciation

Statement Showing profit or loss on the sale of Machinery
Particulars
Amount
Plant value of Equipment as on 1st Jul, 2015 30,000
Less: – Amount of Depreciation charged on the year 2015-16  
30,000 *10%* 9/12 2,250
Amount of Depreciation charged on the year 2016-17  
30,000 *10%* 12/12 3,000
Book value of asset as of 31st Dec 2018 24,750
Sale Price of Machinery 3,000
Loss on the sale of the asset 21,750

Depreciation | Meaning | Methods | Examples

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D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

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