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Question No 10 Chapter No 11 – Unimax 11 Class

Qustion-No-10-Chapter-No-11-UNIMAX-Class-11
Qustion-No-10-Chapter-No-11-UNIMAX-Class-11

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Question No 10 Chapter No 11 – Unimax Class 11

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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/cCr.
DateParticularsJ.F.AmountDateParticularsJ.F.Amount
01/07/17To Bank A/c 1,28,00031/12/17By Deprecation A/c 24,000
01/07/17To Bank A/c 64,00031/12/17By Balance C/d 2,16,000
01/07/17To Bank A/c 48,000    
   2,40,000   2,40,000
01/01/18To Balance b/d 2,16,00001/12/19By Deprecation A/c 64,000
01/01/18To Bank A/c 80,00031/12/19By Balance C/d 2,32,000
   2,96,000   2,96,000
01/01/19To Balance b/d 2,32,00001/07/19By Bank A/c 27,840
01/07/19To Bank A/c 40,00001/07/19By Profit & Loss A/c 20,160
    31/12/19By Deprecation A/c 60,000
    31/12/19By 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

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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

Also, Check out the solved question of all Chapters: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

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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

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