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.

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Depreciation | Meaning | Methods | Examples

Depreciation | Meaning | Methods | Examples

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Depreciation | Meaning | Methods | Examples-in Hindi

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

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

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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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