Question 30.
A firm purchased on 1st April, 2015 certain machinery for ₹ 5,82,000 and spent ₹ 18,000 on its installation. On 1st October, 2015, additional machinery costing ₹ 2,00,000 was purchased. On 1st October, 2017, the machinery purchased on 1st April, 2015 was auctioned for ₹ 2,86,000 plus CGST and SGST @ 6% each and a new machinery for ₹ 4,00,000, plus IGST @ 12% was purchased on the same date. Depreciation was provided annually on 31st March at the rate of 10% p.a. on the Written Down Value Method. Prepare the Machinery Account for the three years ended 31st March, 2018.
Answers
Answer:
Explanation:
MACHINERY ACCOUNT
Date Particulars Rs Date Particular s Rs
2015-16
Apr 01 To Bank A/c mar 31 By Depreciation
600000 mach (1) 60000
oct 01 To Bank A/c Mach (2) 10000 70000
200000 By bal c/d
800000 mach (1) 540000
mach (2) 190000
730000
800000 800000
2016-17 To bal b/d mar 31 By Depreciation
apr01 mach (1) 54000 mach (1) 54000
mach (2) 190000 Mach (2) 19000
730000 73000
By Bal c/d
Mach (1) 486000
mach (2) 171000
657000
730000 73000
2017-18
Apr 01 To Bal b/d By Depreciation
Mach (1) 486000 Mach (1) 24300
mach (2) 171000 By Bank 286000
657000 By Profit & loss 175700
To bank A/c By Depreciation
Mach (3) 400000 mach (2) 17100
mach (3) 20000 37100
By bal c/d
Mach (2) 153900
mach (3) 380000 533900
10,57,000 1057000