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Question No 15 Chapter No 13 – USHA Publication 11 Class

Question No 15 Chapter No 13
Q-15 - CH-13 - USHA +1 Book 2020 - Solution

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Question No 15 Chapter No 13 – USHA

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Sale of Total Assets

15. Prabhu Deva purchased a machine for Rs 10,00,000 on 1st July 2015. it further purchased the machine for Rs 4,00,000 on 1st October 2016. in July 2017, one-fifth of the machinery purchased on 1st July 2015 was sold at 80% of book value.
Prepare the machinery account for the years 2015-16 to 2018-19, when depreciation was charged @10% p.a. on the fixed instalment method

The solution of Question No 15 Chapter No 13 – USHA

Dr.Machinery A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
01/07/15To Cash A/c 10,00,00031/03/16By Deprecation A/c*1 75,000
    31/03/16By Balance C/d 9,25,000
   10,00,000   10,00,000
01/04/16To Balance b/d 9,25,00031/03/17By Deprecation A/c*2 1,20,000
01/10/16To Cash A/c 4,00,00031/03/17By Balance C/d 12,05,000
   12,05,000   13,25,000
01/04/17To Balance b/d 12,05,00001/07/18By Deprecation A/c 5,000
    01/07/18By Sale A/c 1,28,000
    01/07/18By Profit/Loss A/c 32,000
    31/03/18By Deprecation A/c*3 1,20,000
    31/03/18By Balance C/d 9,20,000
   12,05,000   12,05,000
01/03/18To Balance b/f 9,20,000

31/03/19By Deprecation A/c*4 1,20,000
    31/03/19By Balance C/d 8,00,000
   9,20,000
   9,20,000

Working note:-

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*1:- Calculation of amount of Depreciation on furniture for year 2015-16
Machinery purchased on 1st July 2015
Depreciation = Value of Asset X Rate of Depreciation X Period
Value of Asset = 10,00,000
Rate of Depreciation = 10%
Period = from 01/07/2015 to 31/03/2016 i.e. 9 months
(from the date of purchase/Beginning balance to the end of the financial year)
= 10,00,000 X 20/100 X 9 / 12
Depreciation = 75,000
Total Depreciation for the year = 75,000

*2:- Calculation of the amount of Depreciation on furniture for the year 2016-17
Machinery purchased on 1st July 2015
Depreciation = Value of Asset X Rate of Depreciation X Period
Value of Asset = 10,00,000
Rate of Depreciation = 10%
Period = from 01/04/2016 to 31/03/2017 i.e. 12 months
(from the date of purchase/Beginning balance to end of the financial year)
= 10,00,000 X 10/100 X 12/ 12
Depreciation = 1,00,000
Machinery purchased on 1st October 2016
Depreciation = Value of Asset X Rate of Depreciation X Period
Value of Asset = 4,00,000
Rate of Depreciation = 10%
Period = from 01/10/2016 to 31/03/2017 i.e. 6 months
(from the date of purchase/Beginning balance to end of the financial year)
Depreciation = 20,000
Total Depreciation for the year  1,20,000

Statement Showing profit or loss on the sale of Machinery 
Particulars
Amount
Purchase value of machinery as on 1st July, 2015 1/52,00,000
Less: – Amount of Depreciation charged on the year 2015-16 
2,00,000*10%* 9/1215,000
 Amount of Depreciation charged on the year 2016-17 
2,00,000*10%*12/1220,000
 Amount of Depreciation charged on the year 2017-18 
2,00,000*10%*3/125,000
Book value of the asset as on 1st January 20191,60,000
Sale Price of Machinery 1,28,000
Losson the sale of the asset32,000

*3:- Calculation of amount of Depreciation on furniture for year 2017-18
Machinery purchased on 1st July 1/5 2015
Depreciation = Value of Asset X Rate of Depreciation X Period
Value of Asset = 8,00,000
Rate of Depreciation = 10%
Period = from 01/04/2017 to 31/10/2018 i.e. 12 months
(from the date of purchase/Beginning balance to end of the financial year)
= 8,00,000 X 10/100 X 12/ 12
Depreciation = 80,000
Machinery purchased on 1st October 2016
Depreciation = Value of Asset X Rate of Depreciation X Period
Value of Asset = 4,00,000
Rate of Depreciation = 10%
Period = from 01/04/2017 to 31/03/2018 i.e. 12 months
(from the date of purchase/Beginning balance to end of the financial year)
= 4,00,000 X 10/100 X 12/ 12
Depreciation = 40,000
Total Depreciation for the year = 1,20,000

*4:- Calculation of the amount of Depreciation on furniture for the year 2017-18
Machinery purchased on 1st July 1/5 2015
Depreciation = Value of Asset X Rate of Depreciation X Period
Value of Asset = 8,00,000
Rate of Depreciation = 10%
Period = from 01/04/2017 to 31/10/2018 i.e. 12 months
(from the date of purchase/Beginning balance to the end of the financial year)
= 8,00,000 X 10/100 X 12/ 12
Depreciation = 80,000
Machinery purchased on 1st October 2016
Depreciation = Value of Asset X Rate of Depreciation X Period
Value of Asset = 4,00,000
Rate of Depreciation = 10%
Period = from 01/04/2017 to 31/03/2018 i.e. 12 months
(from the date of purchase/Beginning balance to the end of the financial year)
= 4,00,000 X 10/100 X 12/ 12
Depreciation = 40,000
Total Depreciation for the year = 1,20,000

This is all about the Question No 15 Chapter No 13 – USHA

You can check out the following article to better understand:

Depreciation | Meaning | Methods | Examples

You Can also read all above articles in Hindi on our Hindi Website

Depreciation – Meaning – Methods – Examples -In Hindi

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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

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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

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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

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Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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