17. (Partly sale of Plant) X Ltd. purchased a plant on 1st April , 2017 for 120,000. Addition to plant were also made on 1-7-2017 for 50,000 and on 1-10-2018 with plant costing * 40,000. On 1st July, 2019, plant costing * 50,000 on 01-04-2017 was sold for *30,000 and plant bought on 01-07-2017 was also sold for 30,000 on 1st October, 2019. Depreciation was provided @ 10% p.a. on straight line method on calender year basis. Prepare plant A/c from 2017 to 2020.
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Answer:
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Answer:
Date Particulars JF Amt.(Rs) Date Particulars JF Amt.(Rs)
2000 July To Bank A/c (3,00,000 + 50,000) 3,50,000 2000 Dec 31 By Balance c/d 3,50,000
3,50,000 3,50,000
2001 Jan 1 To Balance b/d 3,50,000 2001 Dec 31 By Balance c/d 3,50,000
3,50,000 3,50,000
2002
Jan 1
To Balance b/d 3,50,000 2002
Oct 1
By Provision for Dep A/c 1,18,125
Oct 1 To Bank A/c 4,00,000 Oct 1 By Bank A/c 1,50,000
Oct 1 By Profit & Loss A/c 81,875
By Balance c/d 4,00,000
7,50,000 7,50,000
Dr Provision for Depreciation Account Cr
Date Particulars JF Amt.(Rs) Date Particulars JF Amt.(Rs)
2000 Dec 31 To Balance c/d 26,250 2000 Dec 31 To Depreciation A/c (3,50,000@15%) for 6 months 26,250
26,250 26,250
2001 Dec 31 To Balance c/d 78,750 2001 Jan 1 By Balance b/d 26,250
Dec 31 By Depreciation A/c 52,500
78,750 78,750
2002 Oct 1 To Plant A/c (26,250 + 52,500+ 39,375) 1,18,125 2002
Jan 1
By Balance b/d 78,750
Oct 1 By Depreciation A/c (3,50,000@15%for9months) 39,375
Dec 31 To Balance c/d 15,000 Dec 31 By Depreciation A/c (4,00,000×15%×3months) 15,000
1,33,125 1,33,125