Question

on jan 2012 .Lalchand and co. purchased 4 machinaries for ₹45000 each on 1 jan 2013. one machinary (out of the 4 machinaries purchased on 1 jan 2012) was sold for ₹28900. a new machine at a cost of ₹60000 was purchased on 1 july 2013. On 1 jan 2014, .one more machinery was sold for ₹26500. Depreciation @10% on original costs of machine has been provided and accumulated. you are required to show machinary aacount. the co. closes its book on 31 dec every year.​

Answer 1

Answer:

फोफो ऑगो ऑफि फोटो दफगोवो

Answer 2

Machinery Account

Explanation:

In this Question  we make Machinery Account

Machine can be Increase or decrease according to transaction

For example : Machine can Sale, Machine can Purchased , Machine can be Depreciated*

*: Loss in value of assets

now we come on part of Question

the Question demand is make machinery account

many people make machine account with the help of journal

but we make machine account by direct way using basic rule

ok let's start

Machine is Asset

and Rule of Asset is

Increase in Asset is Debit

Decrease in Asset is Credit

According to above rule we try to learn how to make machinery account

If we purchased machine, machine will Increase and machine is asset so machine will be debited

If we sale machine, machine will decrease and machine is asset so machine will be credited

If we sale machine at loss machinery value will be decrease, hence machine will be credited (according to above rule)

If we charge depreciation on machine, we all know machinery value will be fall that's why machine will be credited according to above rule

One More Point

• The Opening balance of machine is Debit because machine is asset
• The closing balance of machine is credit because  machine is asset

Note : By using above rules and Basic point we give you 2 attachment

First is Account format (which we made by using above rule)

Second give solution

working Note:

1. Depreciation is charged 10% on original cost of machine

2. sale of machine =  1 jan 2012 was sold for ₹28900.

Loss = Sale Value - Book Value        

Book Value = Cost - Depreciation    Book Value = 45000 - 4500 = 40500

      Loss  = 40500- 28900

3. Depreciation is same for all the Years Because Original Cost method is apply.

in last year Loss is calculated as under:

Loss =  36000-26500

        =9500

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