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.
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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.
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