Question No 35 Chapter No 12

Question No 35 Chapter No 12

35. The following balances appear in the books of M/s Amrit:

1st April 2018 Machinery A/c60,000
1st April 2018 Provision for depreciation A/c36,000

On 1st April 2018, they decided to dispose of machinery for 8,400 which was purchased on 1st April 2014 for 16,000. You are required to prepare Machinery A/c, Provision for Depreciation A/c, and Machinery Disposal A/c for 2018-19. Depreciation was charged at 10% p.a on the original cost method.

The solution of Question No 35 Chapter No 12: –

Dr.Plant A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
1st Apr.2018To Balance b/f 60,0001st Apr 2018 By Machinery Disposal A/c 16,000
    31st Mar 2019
By Balance C/d
 44,000
   60,000   60,000
Dr.Machinery Disposal A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
1st Apr 2018To Machine Disposal A/c 16,0001st Apr 2018By Provision for Depreciation A/c 6,400
    1st Oct 2019By Bank A/c (Sale) 8,400
    1st Oct 2019By Profit & Loss A/c 1,200
   16,000   16,000
Dr.Provision for Depreciation  A/cCr.
DateParticulars
J.F.AmountDateParticulars
J.F.Amount
31stOct.2019To Machine Disposal A/c 6,40031st Apr 2018By Balance b/d 40,000
    1st Oct 2019By Depreciation A/c (4,000 + 400) 4,400
31stMar.2019To Balance b/f 34,000
    
   44,400   44,400

Depreciation | Meaning | Methods | Examples

Comment if you have any question.

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

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

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ISC Accounts 11 20 Image min 197x300 - Question No 35 Chapter No 12 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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