A firm purchased on 1st April 2016 second hand machinery for 36000 and spend 4000 on its installment on 1st October in the same year and other machinery costing 20000 was purchased on 1st October 2018 the machinery brought on 1st April 2016 was sold off for 12000 and on the same that a fresh machine was purchased for 64000 depreciation is provided annually on 31st March @10% on the written down value method show the machine account from 1st April 2016 to 31st March 2020
Answers
Explanation:
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Machinery Account
Dr. Cr.
Date Particulars Amount (Rs) Date Particulars Amount (Rs)
2009 2010
Apr. 01 Bank A/c (M1) (36,000 + 4,000) 40,000 Mar. 31 Depreciation A/c
Oct. 01 Bank A/c (M2) 20,000
M1
4,000
M2 (for 6 months)
1,000 5,000
Mar. 31 Balance c/d
M1
36,000
M2
19,000 55,000
60,000 60,000
2010 2011
Apr. 01 Balance b/d Mar. 31 Depreciation A/c
M1
36,000
M1
3,600
M2
19,000 55,000
M2
1,900 5,500
Mar. 31 Balance c/d
M1
32,400
M2
17,100 49,500
55,000 55,000
2011 2011
Apr. 01 Balance b/d Oct. 01 Depreciation A/c (M1) 1,620
M1
32,400 Bank A/c (Sale of M1) 12,000
M2
17,100 49,500 Profit and Loss A/c (Loss on Sale of M1) 18,780
Oct. 01 Bank A/c (M3) 64,000 2012
Mar. 31 Depreciation A/c
M2
1,710
M3 (for 6 months)
3,200 4,910
Mar. 31 Balance c/d
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answer
M2
15,390
M3
60,800 76,190
1,13,500 1,13,500
2012 2013
Apr. 01 Balance b/d Mar. 31 Depreciation A/c
M2
15,390
M2
1,539
M3
60,800 76,190
M3
6,080 7,619
Mar. 31 Balance c/d
M2
13,851
M3
54,720 68,571
76,190 76,190
Working Note: Calculation of Profit or Loss on Sale
Particulars Amount
Value of Machinery on Apr. 01, 2011 32,400
Less: Depreciation for 6 months
1,620
Value of Machinery on Oct. 01, 2011 30,780
Less: Sale Value
12,000
Loss on Sale 18,780