Question

Question 33.
On 1st October, 2011, X Ltd. purchased a machinery for ₹ 2,50,000. A part of machinery which was purchased for ₹ 20,000 on 1st October, 2011 became obsolete and was disposed off on 1st January, 2014 (having a book value ₹ 17,100 on 1st April, 2013) for ₹ 2,000. Depreciation is charged @ 10% annually on written down value. Prepare machinery disposal account and also show your workings. The books being closed on 31st March of every year.

Answer 1

Explanation:

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Answer 2

Answer:

Explanation:

                            Particulars                                          Part 1            Part 2                                  

Original cost of machinery as on 1 st october 2011     2,30000       20000

less :   Depreciation for 2011-12 for 6 month @10 %      (11500)       (11000)

Written down value as on 31 march 2012                     218500         19000

less : Depreciation for 2012 - 13 @10 % p.a                    (21850 )        (1900)

Written down value as on 31 march 2015                       196650        17100

Less:  Depreciation for 9 month @ 10 % p.a                     ----               (1283)

Written down value as on 1 january 2014                                            15817

Less : Sale proceeds                                                                              (2000)

Loss on sale of machine                                                                         13817

Less : Depreciation for 2013 -14@10% p.a                       (19665)

written down value as on 31 march                                 176985