demerits of partnership class11
Answers
Answer:
1 : unlimited liability
2 : delay in discussion
3 : difficult to separate
4 : lack of secracy
5 : limited resources
Answer:
dr it is the answer of a firm purchased..
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ANSWER:
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
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