Question No 21 Chapter No 11 - Unimax 11 Class

Question No 21 Chapter No 11 – Unimax Class 11

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The solution of Question No 21 Chapter No 11 –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

The following balance appear in the books of Gupta Ltd.
Machinery A/c as on 1.4.2019 = ₹ 8,00,000povision for depreciation as on 1.4.2019 = ₹ 3,10,000
On 1.7.2019 a machinery which was purchased on 1.4.2017 for ₹ 1,20,000 was sold for ₹ 50,000 and on the same date anther machinery was purchased was purchased for ₹ 32,000. The firms charges depreciation @ 15% p.a. on original method and closed its books on 31st March every year. Prepare the ‘Machinery A/c’ and ‘ Provision for depreciation A/c’ for the year 2019-2020.
Show your working clearly. Also give the journal entries for the sale of machinery.

The solution of Question No 21 Chapter No 11 –

Dr.	Machine A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
01/04/19	To Balance b/d		8,00,000	01/07/19	By Provision for Deprecation A/c		40,500
01/07/19	To Bank A/c		32,000	01/07/19	By Bank A/c		50,000
				01/07/19	By Profit & Loss A/c		29,500
				31/03/20	By Balance C/d		7,21,000
			8,32,000				8,32,000

Dr.	Provision for Depreciation A/c						Cr.
Date	Particulars	J.F.	Amount	Date	Particulars	J.F.	Amount
01/07/19	To Machinery A/c		40,500	01/04/19	To Balance b/d		3,10,000
31/03/20	To Balance c/d		3,79,600	31/03/20	By Depreciation A/c		1,10,100
			4,20,100				4,20,100

Working Note:
(1) Book value of machinery sold on July 1,2019 = ₹ 79,500.
(2) Loss on sale of machinery = ₹ (79,500-50,000) = ₹ 29,500.

It is all about Question No 21 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

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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

Question No 21 Chapter No 11 – Unimax 11 Class

The solution of Question No 21 Chapter No 11 –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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