Accountancy, asked by mdhbmc, 10 hours ago

42. Shri Krishan Manufacturing Company purchased 10 machines for Rs. 75,000 each on July 01, 2014. On October 01, 2016, one of the machines got destroyed by fire and an insurance claim of Rs. 45,000 was admitted by the company. On the same date another machine is purchased by the company for Rs. 1,25,000. The company writes off 15% p.a. depreciation on written down value basis. The company maintains the calendar year as its financial year. Prepare the machinery account from 2014 to 2017.


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Answers

Answered by sonivrushti1705
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Answer:

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Answered by craftworldorigamipap
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Answer:

Answer :

Dr Machinery Account Cr

Date Particulars JF Amt.(Rs) Date Particulars JF Amt.(Rs)

2000 Jul 1 To Bank A/c (75,000×10) 7,50,000 2000 Dec 31 By Depreciation A/c 56,250

7,50,000 7,50,000

2001 Jan 1 To Balance b/d 6,93,750 2001 Dec 31 By Depreciation A/c 1,04,063

Dec 31 By Balance c/d 5,89,687

6,93,750 6,93,750

2002 Jan 1 To Balance b/d 5,89,687 2002 Oct 1 By Depreciation A/c @ 15% on 58,968 for 9 months 6,634

Oct 1 To Bank A/c 1,25,000 Oct 1 By Bank A/c (Insurance Company) 45,000

Oct 1 By Profit and Loss A/c (Loss) 7,335

Dec 31 By Depreciation A/c

Old = 79,608

New = 4,688

84,296

Dec 31 By Balance c/d

Old = 4,51,110

New = 1,20,312

5,71,422

7,14,687 7,14,687

2003 Jan 1 To Balance b/d

Old = 4,51,110

New = 1,20,312

5,71,422 2003

Dec 31 By Depreciation A/c

Old = 67,667

New = 18,047

85,714

Dec 31 By Balance c/d

Old = 3,83,443

New = 1,02,665

4,85,708

5,71,422 5,71,422

Working Note

Cost of one Machine as on 1 Jan, 2002 is (5,89,687 divided by 10) = Rs.$$58,968.8

Lost on Sale of Machine = 58,969−[Dep=6,634]−[Claim=45,000]=Rs7,365

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