Question No 15 Chapter No 11 – Unimax 11 Class

Qustion-No-15-Chapter-No-11-UNIMAX-Class-11

Question No 15 Chapter No 11 – Unimax Class 11

Free Accounting book Solution - Class 11 and Class 12

15. A company purchased a machinery for ₹ 50,000 on 1st July,2017. Another machinery costing ₹ 10,000 was purchased on 1st sept. 2018. On 31st dec.,2019, the machinery purchased in 2017 was sold at a loss of ₹ 5,000. The company charges depreciation at the rate of 15% on diminishing balance method. Accounts are closed on 31st dec. every year. Prepare machinery account for 3 years.

The solution of Question No 15 Chapter No 11 –

Dr. Machine A/c Cr.
Date Particulars J.F. Amount Date Particulars J.F. Amount
01/07/17 To Balance b/d   50,000 31/12/17 By Deprecation A/c   3,750
        31/12/17 By Balance C/d   46,250
      50,000       50,000
01/01/18 To Balance b/d   46,250 31/12/18 By Deprecation A/c   7,438
01/08/18 To Bank A/c   10,000 31/12/18 By Balance C/d   48,812
      56,250       56,250
01/01/19 To Balance b/d   48,812 31/10/19 By Bank A/c   28,415
        31/10/19 By Profit & Loss A/c   5,000
        31/12/19 By Deprecation A/c   7,322
        31/12/19 By Balance C/d   8,075
      48,812       48,812

 

Working Notes:
(1) Depreciation on machinery purchased on July,1,2017.
Dep. On Dec. 31,2017 = ₹ 3,750
Dep. On Dec. 31,2018 = ₹ 6,938
Dep. On Dec. 31,2019 = ₹ 5,897
(2) Book value of machinery sold on 31/12/2017 = ₹ 33,415(28,415+5,000)
(3) Dep. On machinery purchased on sept. 1,2018:
Dep. On 31/12/2018 = ₹ 500
Dep. On 31/12/2019 = ₹ 1,425
It is all about Question No 15
 Chapter 11 of Class 11 unimax, If you have any problem please comment below.

Read out the full article to know the meaning of Depreciation

Depreciation | Meaning | Methods | Examples

Depreciation | Meaning | Methods | Examples

Also, Check out the same article in Hindi from the following link

Depreciation | Meaning | Methods | Examples-in Hindi

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

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

Students may choose only one part from the Part II and Part III

Part-II

  • Chapter No. 15 – Financial Statements (Without Adjustments)
  • Chapter No. 16 – Financial Statements (With Adjustments)
  • Chapter No. 17 – Accounts from Incomplete Records –  Single Entry System

Part-III

  • Chapter No. 18 – Introduction to Computers and Accounting information System
  • Chapter No. 19 – Computerised Accounting
  • Chapter No. 20 – Accounting Software: Tally 
  • Chapter No. 21 – Data Base System
  • Chapter No. 22 – Concept of Entity and Relationship
  • Chapter No. 18 – Introduction to Computers and Accounting information System
  • Chapter No. 19 – Computerised Accounting
  • Chapter No. 20 – Accounting Software: Tally 
  • Chapter No. 21 – Data Base System
  • Chapter No. 22 – Concept of Entity and Relationship

Read out the full article to know the meaning of Rectification of Errors 

Error Rectification in accounting – Explanation with examples

Also, Check out the same article in Hindi from the following link

Error Rectification in accounting – Explanation with examples-in Hindi

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

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

Students may choose only one part from the Part II and Part III

Part-II

  • Chapter No. 15 – Financial Statements (Without Adjustments)
  • Chapter No. 16 – Financial Statements (With Adjustments)
  • Chapter No. 17 – Accounts from Incomplete Records –  Single Entry System

Part-III

  • Chapter No. 18 – Introduction to Computers and Accounting information System
  • Chapter No. 19 – Computerised Accounting
  • Chapter No. 20 – Accounting Software: Tally 
  • Chapter No. 21 – Data Base System
  • Chapter No. 22 – Concept of Entity and Relationship

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