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Question No 10 Chapter No 14 – USHA Publication 11 Class

Question No 10 Chapter No 14
Q-10 - CH-14 - USHA +1 Book 2020 - Solution

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Question No 10 Chapter No 14

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Sinking fund for Repayment of Fixed Assets

10. On 1st April 2015 a company obtained the lease of machinery for Rs 1,00,000. it was decided that a depreciation fund should be created for its renewal for four years. According to sinking fund table, the annual instalment of depreciation amounts to Rs 28,201.20 at 5% interest p.a.
Prepare depreciation fund account for four years period.

The solution of Question No 10 Chapter No 14: –

Dr.Provision for Doubtful Debts A/cCr.
DatParticulars
J.F.AmountDateParticulars
J.F.Amount
    31/03/15By Balance b/d 28,201.20
31/03/15By Balance C/d 28,201.20    
   28,201.20   28,201.20
31/03/18To Bad debts A/c 1,89601/04/15By Balance b/d 28,201.20
    31/03/16By Interest A/c(28,210.20 x 5%) 1,410.6
    31/03/16By Profit/Loss A/c 28,201.20
31/03/16By Balance C/d 57,812.46    
   57,812.46   57,812.46
31/03/16To Bad debts A/c 2,01601/04/16By Balance b/d 57,812.46
    31/03/17By Interest A/c(57,812.46 x 5%) 2,890.62
31/03/17By Balance C/d 88,904.2831/03/17By Profit/Loss A/c 28,201.20
   88,904.28   88,904.28
    01/04/17By Balance b/d 88,904.28
    31/03/18By Interest A/c(88,904.28 x 5%) 4,445.21
31/03/18By Balance C/d 1,21,550.69
31/03/18By Profit/Loss A/c 28,201.20
   1,21,550.69
   1,21,550.69

 

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Note:
(1) It is assumed that Depreciation fund investments realized face value
(2) All calculation has been done to the nearest paisa


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

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

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Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

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Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

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Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

 

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