on 1st april 2009 , A limited purchased a machinery for Rs. 400000. On 1st november 2010 they purchased another machinery for rs 1,00,000 and immediately spent Rs. 20,000 on its overhauling. On 30th september 2011 the machinery purchased in 2009 eas sold ar a loss of Rs. 1,27,800. The company charges depreciation @10% per annum. on written down value basis . Accounts are closed on31st march every year . Prepare machinery account for the yoars 2009-2010 to 2011-2012.
Please solve this for me ....as early as possible because i have my final exam on the day after tomorrow
Books of A Limited Machinery Account | |||||||||||
Dr. |
| Cr. | |||||||||
Date | Particulars | J.F. | Amount (Rs) | Date | Particulars | J.F. | Amount (Rs) | ||||
2009 |
| 2010 |
| ||||||||
April 01 | Bank A/c (I) |
| 4,00,000 | March 31 | Depreciation (I) |
| 40,000 | ||||
|
|
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| March 31 | Balance c/d (I) |
| 3,60,000 | ||||
|
|
| 4,00,000 |
|
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| 4,00,000 | ||||
2010 |
|
|
| 2011 |
|
|
| ||||
April 01 | Balance b/d |
| 3,60,000 | March 31 | Depreciation |
|
| ||||
Nov. 01 | Bank (II) (1,00,000 + 20,000) |
| 1,20,000 |
| I | 36,000 |
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| |||
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|
|
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| II (for 5 months) | 5,000 |
| 41,000 | |||
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|
|
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| Balance c/d |
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| ||||
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|
|
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| I | 3,24,000 |
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| |||
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|
|
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| II | 1,15,000 |
| 4,39,000 | |||
|
|
| 4,80,000 |
|
|
| 4,80,000 | ||||
2011 |
|
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| 2011 |
|
|
| ||||
April 01 | Balance b/d |
|
| Sept.30 | Depreciation (I)(for 6 months) |
| 16,200 | ||||
| I | 3,24,000 |
|
|
| Bank (I) (WN1) |
| 1,80,000 | |||
| II | 1,15,000 |
| 4,39,000 |
| Profit and Loss (Loss) |
| 1,27,800 | |||
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| 2012 |
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| March 31 | Depreciation (II) |
| 11,500 | ||||
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|
|
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| Balance c/d (II) |
| 1,03,500 | ||||
|
|
| 4,39,000 |
|
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| 4,39,000 | ||||
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Working Note:
(1) Calculation of Sale Value of Machine I:
Particulars | Amount (Rs) |
Book Value of Machine I on April. 01, 2011 | 3,24,000 |
Less: Depreciation on Machine I from April 01 2011 to Sept.30 2011 (3,24,000 × 10/100 × 6/12) | (16,200) |
Book Value of Machine I on Sept. 30, 2011 | 3,07,800 |
Less: Loss on Sale of Machine I | (1,27,800) |
Sale Value | 1,80,000 |