Question

on1st April 2012 a machine was purchased for 50000rate of depreciation is 10persent p,a pass journal entries and prepare machine a/c for 3year when depreciation is charged under fixed instalment method​

Answer 1

machinery a/c. Dr. 50000

To cash a/c. 50000

machinery account

dt. particulars. ₹. dt. particulars ₹

1/4 to bank 50000.31/12 by deprec. 5000

(cost of machi). by balancec/d 45000

50000 50000

1/4 balance 45000. 31/12by deprec 5000

b/d. by balance b/d40000

45000 . 45000

1/4 balance 40000 31/12by deprec 5000

b/d. by balance c/d 35000

40000 40000

depreciation on machinery

on 1/4/12, machinery was purchase for rupees of 50000. after using for 3 years the value of machinery in present is

=total machinery value -depreciation charge =50000-15000=35000

Depreciation a/c. Dr. 15000

To machinery a/c. 15000