Question

3. On 1st July, 2016, Manoj Saxena bought a machine for 25,000 on which he spent 5,000 for
carriage and freight; 1,000 for brokerage of the middleman and 4,000 for installation. The
machine is depreciated @ 10% p.a. on written down value basis. On 31st December, 2017 the
machine was sold to Ananya for 30,500 and 500 was paid as commission to broker through
whom the sales was effected. Find out the profit or loss on sale of machine and prepare
Machinery A/c if accounts are closed on 31st December, every year.
TA
L
.
1000. D
Dol​

Answer 1

Answer:

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Answer 2

Answer:yes

Explanation:

Machinery cost= 25000₹+1000₹+4000₹+5000₹= 30000₹

Less depreciation= 3000₹

Total cost of new machinery at year end= 27000

Sold at cost= 30500-27000 = 3500₹ Profit

Machinery 30000₹

To cash 30000₹

Depreciation account 3000

Machinery account 3000

Cash 30000₹

Brokerage 500₹

Depreciation 3000₹

To Machinery 30000₹

To profit on sale 3500₹

From the following prepare machinery account.