Question No 13 Chapter No 12

Question No 13 Chapter No 12

13. A firm purchased on 1st April, 2009, a second-hand Machinery for 36,000 and spent 4,000 on its installation. On 1st Oct. in the same year another Machinery costing 20,000 was purchased. On 1st Oct., 2011, the Machinery bought on 1st April, 2009 was sold off for 12,000 and on the same date a fresh Machine was purchased for 64,000. Depreciation is provided annually on 31st March, @ 10% p.a. on the Written Down Value Method. Show the Machine A/c from 1st April, 2009 to 31st March, 2013.

The solution of Question No 13 Chapter No 12: –

Dr.Machinery A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
1st Apr.2106To Bank A/c (36,000 + 4,000) 40,00031st Mar2017By Deprecation A/c(4,000+ 1,000) 5,000
1st Oct.2106To Bank A/c 20,00031st Mar2017By Balance C/d(36,000 + 19,000) 55,000
   60,000   60,000
1st Apr 2017To Balance b/f 55,00031st Mar2018By Deprecation A/c (3,600 + 1,900) 5,500
    31st Mar2018By Balance C/d(32,400 + 17,100)
 28,350
   55,000   55,000
1st Apr 2018To Balance b/f 49,5001st Oct 2018By Deprecation A/c 1,620
1st Oct.2108To Bank A/c 64,0001st Oct 2018By Bank A/c 12,000
    1st Oct 2018By Profit & Loss A/c 18,780
    31st Mar2019By Deprecation A/c (1,710 + 3,200) 4,910
    31st Mar2019By Balance C/d (15,390 + 60,800) 76,190
   1,13,500   1,13,500
1st Apr.2019To Balance b/f 76,19031st Mar2020By Deprecation A/c (1,539 + 6,080) 5,500
    31st Mar2020By Balance C/d (13,851 + 54,720) 68,571
   76,190
   76,190

Working Note:
Calculation of Profit or Loss on Sale

Statement Showing profit or loss on the sale of Machinery
Particulars
Amount
Machinery Purchase on of Equipment as on 1st Apr. 201640,000
Less: – Amount of Depreciation charged on the year 2016-17 
40,000 *10%* 12/124,000
Amount of Depreciation charged on the year 2017-18 
36,000 *10%* 12/123,600
Amount of Depreciation charged on the year 2018-19 
32,400 *10%* 6/121,620
Book value of asset as of 1st Oct 201930,780
Sale Price of Machinery 12,000
Loss on the sale of the asset18,780

Depreciation | Meaning | Methods | Examples

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D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

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