Question

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- Raj Vaid purchased the machinery on 1st April, 2016 for 65,000. He engaged Kabul to
errect the units, who charged 5,000 and agreed to wait a month for his payment. The
machinery was depreciated at 10% p.a. on the fixed instalment method. On 1st October,
2018 a single unit which cost * 10,000 originally was sold for a cash price of 10,000. On the
same date, a new machine costing * 10,000 (paid by cheque) was installed.
Write out the Machinery Account for the years 2016-17 to 2018-19.​

Answer 1

Answer:

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Answer 2

Explanation:

                                                  Machinery A/c

Date            Particulars         Amount    Date            Particulars         Amount

2016-17                                                     2016-17

Apr 1   To Bank a/c                    65000    Mar31  By Depreciation a/c      7000            

May 1  To Bank a/c                      5000    Mar31  By balance b/d            63000  

                                                   70000                                                     70000  

2017-18                                                     2017-18

Apr 1   To Balance c/d               63000    Mar31  By Depreciation a/c      6300            

                                                                  Mar31  By Balance b/d            56700    

                                                   63000                                                     63000    

2018-19                                                     2018-19

Apr 1   To Balance c/d               56700     Oct 1   By Bank a/c                 10000

Oct 1   To Bank a/c                    10000     Mar31 by Depreciation a/c       5670            

                                                                  Mar31 By balance b/d              51030  

                                                  66700                                                      66700