Question

From the following transactions of a concern, prepare Machinery Account for the year ending 31st March, 2020 :- [3 Marks] 2019, April 1 : Purchased a second-hand machinery for 40,000. 2019, April 1 : Spent 10,000 on repairs for making it serviceable. 2019, Sept. 30 : Purchased additional new machinery for 20,000. 2019, Dec. 31 : Repairs and renewals of machinery 2,000. 2020, March 31 : Depreciate the machinery at 10% p.a.​

Answer 1

Answer⤵️⤵️

Dr.

Cr.

Date

Particulars

J.F.

Amount

(₹)

Date

Particular

J.F.

Amount

(₹)

2018

2019

Apr.01

Bank (M1)

50,000

Mar.31

Depreciation

Sept 30

Bank (M2)

20,000

M1

5,000

M2 (6 months)

1,000

6,000

Mar.31

Balance c/d

M1

45,000

M2 (6 months)

19,000

64,000

70,000

70,000

Repair and renewal made on December 31, 2018 will not be recorded in Machinery Account because, this repair was made after putting the Machinery into use.

Answer 2

Answer:

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