Question No 10 Chapter No 11 – Unimax Class 11
X Ltd. has imported a machinery on 1st July, 2017 for ₹ 1,28,000, paid customs duty and freight ₹ 65,000 and incurred erection charges ₹ 48,000. Another local machinery costing ₹ 80,000 was purchased on January 1, 2018. On 1st July 2019, a portion of the imported machinery (value one-third) got out of order and was sold for ₹ 27,840. Another machinery was purchased to replace the same for ₹ 40,000 on 1.7.19. depreciation is being provided @ 20% p.a. on original cost of the machinery. Show machinery account for 2017, 2018 and 2019 ending as on 31Dec. each year.
The solution of Question No 10 Chapter No 11 –
| Dr. | Machine A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 01/07/17 | To Bank A/c | 1,28,000 | 31/12/17 | By Deprecation A/c | 24,000 | ||
| 01/07/17 | To Bank A/c | 64,000 | 31/12/17 | By Balance C/d | 2,16,000 | ||
| 01/07/17 | To Bank A/c | 48,000 | |||||
| 2,40,000 | 2,40,000 | ||||||
| 01/01/18 | To Balance b/d | 2,16,000 | 01/12/19 | By Deprecation A/c | 64,000 | ||
| 01/01/18 | To Bank A/c | 80,000 | 31/12/19 | By Balance C/d | 2,32,000 | ||
| 2,96,000 | 2,96,000 | ||||||
| 01/01/19 | To Balance b/d | 2,32,000 | 01/07/19 | By Bank A/c | 27,840 | ||
| 01/07/19 | To Bank A/c | 40,000 | 01/07/19 | By Profit & Loss A/c | 20,160 | ||
| 31/12/19 | By Deprecation A/c | 60,000 | |||||
| 31/12/19 | By Balance C/d | 1,64,000 | |||||
| 2,72,000 | 2,72,000 | ||||||
Working Note:
(1) Annual depreciation on imported machinery purchased on July 1,2017 = ₹ 48,000.
(2) Annual depreciation on machinery purchased on Jan.1, 2018 = ₹ 16,000.
(3) Book value of one third part of imported machine, on date July 1,2018 = ₹ 48,000.
(4) Loss on sale of machinery = ₹ (48,000-27,840) = ₹ 20,160.
(5) Annual depreciation on machinery purchased on July 1,2019 = ₹ 8,000.
It is all about Question No 10 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
Depreciation | Meaning | Methods | Examples
Also, Check out the same article in Hindi from the following link
Depreciation | Meaning | Methods | Examples-in Hindi
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Advanced Accountancy – Unimax Class 11 – 2021 – Solution.
Part-I
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- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
Students may choose only one part from the Part II and Part III
Part-II
- Chapter No. 15 – Financial Statements (Without Adjustments)
- Chapter No. 16 – Financial Statements (With Adjustments)
- Chapter No. 17 – Accounts from Incomplete Records – Single Entry System
Part-III
- Chapter No. 18 – Introduction to Computers and Accounting information System
- Chapter No. 19 – Computerised Accounting
- Chapter No. 20 – Accounting Software: Tally
- Chapter No. 21 – Data Base System
- Chapter No. 22 – Concept of Entity and Relationship