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Question No 12 Chapter No 7 – USHA Publication 11 Class

Question No 12 Chapter No 7
Q-12 - CH-7 - USHA +1 Book 2020 - Solution

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Question No 12 Chapter No 7

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12. Pass journal entries and prepare Machinery Account:

2019 
Mar. 1Purchased Machinery for Cash Rs 35,000.
 installation charges paid Rs 2,500
Mar. 7Purchased machinery on credit from Tahira RS 52,000
 installation charges paid by cheque Rs 1,000
Mar. 12Machinery of the book value of Rs 12,000 sold for Rs 15,000
Mar. 16Machinery of the book value of Rs 20,000 sold for Rs 17,500
Mar. 23Machinery withdrew for personal use Rs 7,000
Mar. 30Depreciation machinery Rs 4,000

The solution of Question No 12 Chapter No 7: –

Journal

DateParticulars
L.F.DebitCredit
2018     
Mar.1Machinery A/cDr. 37,500 
 To Cash A/c   37,500
 (Being purchased machinery on cash )   
     
Mar.7Machinery A/cDr. 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.12Cash A/cDr. 15,000 
 To Machinery A/c  12,000
 To Profit on sale of machinery A/c  3,000
 (Being machinery sold on profit)   
     
Mar.16Cash A/cDr. 17,500 
 Loss on sale of machinery A/cDr. 2,500 
 To Machinery A/c  20,000
 (Being machinery sold at loss)   
     
Mar.23Drawing A/cDr. 7,000 
 To Machinery A/c  7,000
 (Being machinery is withdrawn for personal use)   
     
Mar.26Drawing A/cDr. 4,000 
 To Machinery A/c  4,000
 (Being depreciation charged on machinery)   
     

 

Dr.Machinery A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
2019   2018   
Mar. 1To Cash A/c 37,500Jan. 12By Cash A/c 12,000
Mar. 7To Tahira A/c 52,000Mar. 16By Cash A/c 17,500
Mar. 7To Bank A/c 1,000Mar. 16By loss on the sale of machinery A/c 2,500
    Mar. 23By Drawings A/c 7,000
    Mar. 30By Cash A/c 4,000
    Mar. 31By Balance c/d 47,500
   90,500   90,500

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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

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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. 5 – Journal

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

Chapter No. 7 – Ledger

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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

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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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