On 1st April 2016, a machinery which was purchased on 1st January, 2013 for Rs. 2,00,000 was sold for Rs. 75,000. A new machine was purchased on 1st july, 2016 for Rs. Rs6,00,000. Depreciation is provided on machinery at 20% per annum on straight line method and books are closed on 21st December every year. Prepare the machinery account and provision for depreciation account for the year ending 31st December , 2016
18. The following balances appear in the books of Crystal Ltd on 1st January 2016
On 1st April 2016, a machinery which was purchased on 1st January, 2013 for Rs. 2,00,000 was sold for Rs. 75,000. A new machine was purchased on 1st july, 2016 for Rs. Rs6,00,000. Depreciation is provided on machinery at 20% per annum on straight line method and books are closed on 21st December every year. Prepare the machinery account and provision for depreciation account for the year ending 31st December , 2016
Octroi Ltd purchased a machinery for Rs. 36,000 and spent Rs. 4,000 on its overhauling on Ist October 2009. Depreciation is provided @10% pa. on, Diminishing Balance Method. On 1st January 2012, one —fourth of machinery was found unsuitable and disposed off for Rs. 6,000. On the same date a new machinery at a cost of Rs. 15,000 was purchased. Write machinery a/c for 3 year. The accounts are closed on 31st March every year
1st april,2004 machinery A/c rs.60000
1st april,2004 provision for depreciation A/c 36000
on 1st april,2004 they decided to dispose off a machine for rs.8400 which was purchased on 1st april,1998 for rs.16000.provide depreciation @10% p.a by diminishing balance method. you are required to prepare machinery a/c,provision for depreciation a/c for the year ending 31st march 2005.
Q20. On 1st January 2014 Arihant Ltd. purchased machinery for Rs 2,40,000 and on 30th June 2015 it acquired additional machinery at a cost Rs 40,000. On 31st March, 2016, one of the original machine (purchased on 1st January, 2014) which had cost of Rs 10,000 was found to have become obsolete and was sold as scrap for Rs 1,000. lt was replaced on that date by a new machine costing Rs 16,000 Depreciation is to be provided @ 15% per annum on the written down value. Accounts are closed on 31st December, each year. Show the machinery account for the first 3 years.
Sunil purchased computer on 1.4.2010 for Rs. 6,00,000. They are charging depreciation on written down value method. On 31.3.2011 they are charging for Rs. 165000 and incurred a loss of Rs. 75000. What was the rate of depreciation p.a. ?
Machinery account as on 1st April, 2014 = Rs 1,60,00,000
Provision for depreciation as on 1st April, 2014 = Rs 62,00,000
On 1st July, 2014 a machinery which was purchased on 1st April, 2011 for Rs 24,00,000 was
sold for Rs 10,00,000 and on the same date another machinery was purchased for Rs 6,40,000.
The firm charges depreciation @ 15% per annum on original cost method and closes its
books on 31st March every year.
Prepare the machinery account and provision for depreciation account for the year 2014-
2015. Also, pass the journal entries for the sale of machinery.
Q.II. Following balances appear in the books of Simon on 1 st April 2011:
Machinery Rs. 10,00,000
Provision For Depreciation Rs. 4,25,000
The Machinery is depreciated at 10% p.a. The accounting year is from April to March.
On 1 st October 2011 , a machinery which was purchased on 1 st July 2008 for Rs 4,00,000
was sold for 1,02,000 and on the same date a new machinery was purchased for
4,00,000. Prepare Machinery Account and Provision for Depreciation Account for the
year ended 31 st March 2012.
its urgent
Q4. a) X. LTD. HAS A BALANCE OF RS.43,000 IN THEIR GENERAL RESERVE a/c STOOD AS ON 01. 04.16.
During 16-17 they earned a net profit of Rs.90,000. Company decided to transfer 30% of profit to general reserve, before distribution of profit to the owner. Tax rat applicable is 30%. On 01. 04.17 company had given a bonus to the owner @ 40% of exiting reserve. Give entries on 31.03.17 and 01.04.17
b) Y. Ltd had the following balances in their books as on 01.04.16;
Provision for D/D ----------Rs. 3,900
Provision for Disc. All----Rs. 2,100
S/D -------------------------- Rs. 48.000
During 16-17, bad debt incurred for Rs. 5,000 which is to be written off and discount allowed Rs. 1,600 to customers. Provisions are made @10% and 8% for D/D and D/A. Show the adjustment entires on 31.03 .17
Plant machinery a/c - 305000 (on 01.04.15)
Prov. for Dep a/c. - 84700 (on 01.04.15)
During the year 15-16, on 01.09.15, a new machinery was purchased costing Rs. 52,000 (including installation charge Rs. 3000)
On 01.06.16 - One of the old machines purchased on 31.12.13 at a total cost of Rs. 42,000 , become obsolete and disposed off at a loss of Rs. 4,000.
On 31.05.17- Due to fire struck up in the factory premises another old machine costing 30,000, purchased on 01.01.15 was destroyed, insurance claim realised upto 70% of the book value and salvage realised at Rs. 2,000.
Depreciation charged on machinery @ 10% P.A. on 31.03 every year on the book value of machinery.
Show necessary ledgers from 15.16 to 17.18