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Question No 16 Chapter No 11 – Unimax Class 11
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“Astha” Engineering works purchased a machine on 1st April, 2017 for ₹ 1,80,000 and spent ₹ 20,000 on its installation.
On the 1st January 2018 it purchased another machine for ₹ 2,40,000. On 1st July 2019, the machine purchased on 1st April, 2017 was sold for ₹ 1,45,000. On 1st October,2019 another machine was purchased for ₹ 4,00,000.
Prepare machinery account from 2017 to 2019 after charging depreciation @ 10% p.a. diminishing balance method. Account are closed on 31st December every year.
The solution of Question No 16 Chapter No 11 –
Dr. | Machine A/c | Cr. | |||||
Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
01/04/17 | To Balance b/d | 1,80,000 | 31/12/17 | By Deprecation A/c | 15,000 | ||
01/04/17 | To Bank A/c | 20,000 | 31/12/17 | By Balance C/d | 1,85,000 | ||
2,00,000 | 2,00,000 | ||||||
01/01/18 | To Balance b/d | 1,85,000 | 31/12/18 | By Deprecation A/c | 42,500 | ||
01/01/18 | To Bank A/c | 2,40,000 | 31/12/18 | By Balance C/d | 3,82,500 | ||
4,40,000 | 4,40,000 | ||||||
01/01/19 | To Balance b/d | 3,82,500 | 31/10/19 | By Bank A/c | 1,45,000 | ||
01/01/19 | To Bank A/c | 4,00,000 | 31/10/19 | By Profit & Loss A/c | 13,175 | ||
31/12/19 | By Deprecation A/c | 39,925 | |||||
31/12/19 | By Balance C/d | 5,84,400 | |||||
7,82,500 | 7,82,500 |
Working Note:
(1) Depreciation on machinery purchased on Apr. 1,2017:
Dep. On Dec.31,2017 = ₹ 15,000
Dep. On Dec.31,2018 = ₹ 18,500
Dep. On Dec.31,2019 = ₹ 8,325
(2) Loss on sales of machinery = ₹ (1,58,175-1,45,000) = ₹ 13,175
(3) Depreciation on machinery purchased on Jan.1,2018:
Dec. on Dec.31,2018 = ₹ 24,000
Dep. on Dec.31,2019 = ₹ 21,600
(4) Depreciation on machinery purchased on Oct.1,2019 on Dec.31,2019 = ₹ 10,000
It is all about Question No 16 Chapter 11 of Class 11 unimax, If you have any problem please comment below.
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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.
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Part-I
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
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
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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
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
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
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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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