on first jan 2000 zigma ltd bought a machinery worth rs 56000 and paid rs 4000 on carriage and direction . on first jan 2001addition is paid to the machinery rs 30000. on first july 2002 a second hand machinery is bought for rs 17000 and immediately spend rs 3000 on repairs , on first july 2003 the machinery bought on first july 2002 is sold for rs 16500 depreciation is provided 10% per announ accounts are closed on 31 dec each year prepre machiner account upto 31 dec 2003 bothe under fixd installment method and diminishing balance method
Answers
date particular amt date particular amt
1/1/2000 to bank a/c 60000 31/12/2000 by dep(10%) 6000
31/12/2000 by balance c/d 54000
60000 60000
1/1/2001 to balance bld 54000 31/12/2001 by dep a/c 6000
1/1/2001 to bank a/c 30000 31/12/2001 by dep (10%) 3000
31/12/2001 by balance c/d 75000
84000 84000
1/1/2002 to balance b/d 75000 31/12/2002 by dep 6000
1/7//2002 to bank a/c 20000 31/12/2002 by dep(10%) 1000
31 12/ 2002 by dep 3000
31/12/2002 by bal c/d 85000
95000 95000
1/1/2003 to balance b/d 85000 31/12/2003 by dp a/c 6000
31/12/2003 by dp a/c 3000
1/7/2003 by p&L a/c 1500
1/7/2003 dep a/c 1000
12/12/2003 balance c/d 73500
85000 85000
1/1/2004 To balance b/d 73500
caluculate profit and loss a/c
machinary original value = 20000
deprecition fixed cost method
1/7/2002 to 31/12/2002
20000*10% *6/12 = 1000
1/12/2003 to 1/7/2003
20000*10%6/12 1000
total 2000
purchase amt 20000
depretion amt 2000
total 18000
sold amt 16500
total 1500 profit and loss a/c
original value 18000 but he sold 16500 so 1500rs is loss a/c