Question No 12 Chapter No 7
12. Pass journal entries and prepare Machinery Account:
| 2019 | |
| Mar. 1 | Purchased Machinery for Cash Rs 35,000. |
| installation charges paid Rs 2,500 | |
| Mar. 7 | Purchased machinery on credit from Tahira RS 52,000 |
| installation charges paid by cheque Rs 1,000 | |
| Mar. 12 | Machinery of the book value of Rs 12,000 sold for Rs 15,000 |
| Mar. 16 | Machinery of the book value of Rs 20,000 sold for Rs 17,500 |
| Mar. 23 | Machinery withdrew for personal use Rs 7,000 |
| Mar. 30 | Depreciation machinery Rs 4,000 |
The solution of Question No 12 Chapter No 7: –
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
| 2018 | |||||
| Mar.1 | Machinery A/c | Dr. | 37,500 | ||
| To Cash A/c | 37,500 | ||||
| (Being purchased machinery on cash ) | |||||
| Mar.7 | Machinery A/c | Dr. | 53,000 | ||
| To Tahira A/c | 51,000 | ||||
| To Bank A/c | 1,000 | ||||
| (Being machinery purchased on credit and installation charges paid by cheque) | |||||
| Mar.12 | Cash A/c | Dr. | 15,000 | ||
| To Machinery A/c | 12,000 | ||||
| To Profit on sale of machinery A/c | 3,000 | ||||
| (Being machinery sold on profit) | |||||
| Mar.16 | Cash A/c | Dr. | 17,500 | ||
| Loss on sale of machinery A/c | Dr. | 2,500 | |||
| To Machinery A/c | 20,000 | ||||
| (Being machinery sold at loss) | |||||
| Mar.23 | Drawing A/c | Dr. | 7,000 | ||
| To Machinery A/c | 7,000 | ||||
| (Being machinery is withdrawn for personal use) | |||||
| Mar.26 | Drawing A/c | Dr. | 4,000 | ||
| To Machinery A/c | 4,000 | ||||
| (Being depreciation charged on machinery) | |||||
| Dr. | Machinery A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 2019 | 2018 | ||||||
| Mar. 1 | To Cash A/c | 37,500 | Jan. 12 | By Cash A/c | 12,000 | ||
| Mar. 7 | To Tahira A/c | 52,000 | Mar. 16 | By Cash A/c | 17,500 | ||
| Mar. 7 | To Bank A/c | 1,000 | Mar. 16 | By loss on the sale of machinery A/c | 2,500 | ||
| Mar. 23 | By Drawings A/c | 7,000 | |||||
| Mar. 30 | By Cash A/c | 4,000 | |||||
| Mar. 31 | By Balance c/d | 47,500 | |||||
| 90,500 | 90,500 | ||||||
What is Ledger in accounting – explain its Types
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
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Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
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Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
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)