Advertisement
Question No 5 Chapter No 11 – Unimax Class 11
Advertisement
A Maruti van was purchased on 1.1.2018 for ₹ 60,000 and ₹ 5,000 was spent on its repairs and registration. On 1.7.2019 another van was purchases for ₹ 70,000. On 1.1.2020 first van purchased on 1.1.2018 was sold for ₹ 45,000 and a new van costing ₹ 1,70,000 was purchased on the same date. Show Maruti van account from 2018-2020 on the basis of straight line method, if the rate of depreciation charged is 10% p.a. assume that books are closed on 31st December every year.
The solution of Question No 5 Chapter No 11 –
| Dr. | Machine A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 01/01/18 | To Bank A/c | 60,000 | 31/12/18 | By Deprecation A/c | 6,500 | ||
| 01/01/18 | To Bank A/c | 5,000 | 31/12/18 | By Balance C/d | 58,500 | ||
| 65,000 | 65,000 | ||||||
| 01/01/19 | To Balance A/c | 58,500 | 31/12/19 | By Deprecation A/c | 10,000 | ||
| 01/07/19 | To Bank A/c | 70,000 | 31/12/19 | By Balance C/d | 1,18,500 | ||
| 1,28,500 | 1,28,500 | ||||||
| 01/01/20 | To Balance b/d | 1,18,500 | 31/12/20 | By Bank A/c | 45,000 | ||
| 01/07/20 | To Bank A/c | 1,70,000 | 31/12/20 | By Profit & Loss A/c | 7,000 | ||
| 31/12/20 | By Deprecation A/c | 24,000 | |||||
| 31/12/20 | By Balance C/d | 2,12,500 | |||||
| 2,88,500 | 2,88,500 | ||||||
Working Note:
(1) Annul depreciation on van purchases on Jan.1, 2018 = ₹ 6,500.
(2) Annual depreciation on second van purchases = ₹ 7,000.
(3) Annual depreciation of third van purchases = ₹ 17,000.
(4) Book value of first van purchases, on Jan. 1,2020 =₹ 52,000.
(5) Loss on sales of first van = ₹ (52,000-45,000) = ₹ 7,000
It is all about Question No 5 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
Advertisement-X
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.
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
Advertisement-X
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