Question No 12 Chapter No 7 – USHA Publication 11 Class

Question No 12 Chapter No 7

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: –

 

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  (Being machinery is withdrawn for personal use)      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
2018       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   57,500
      90,500       90,500

 

What is Ledger in accounting – explain its Types

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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 

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

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 

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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