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solution of depreciation chapter of dk goel class 11
On 1st april, 2010, plant and machinery was purchased for Rs 1,20,000. New machinery was purchased on 1st Oct, 2010, for Rs 50,000 and on 1st july, 2011, for Rs 25,000. On 1st January, 2013, a machinery of the orignal value of Rs 20,000 whish was included in the machinery purchased on 1st April,2010, was sold for Rs 6,000. Prepare plant and machinery account for three years after providing depriciation at 10% p.a. on straigh line method. Accounts are closed on 31st March every year.
solution to chaturvedi and aggrwal
a company whose accounting year is the calendar year , purchased on 1st april , 2008 , machinery costing 30000 . it purchased further machinery on 1st october , 2008 , costing 20,000 and on 1st july ,2009,costing 10,000 .
on 1st jan ,2010 , one-third of the machinery which was installed on 1st april , 2008 become obselete and was sold for 3,000 .
show how the machinery account would appear in the books of the company , it being given that machinery was depreciated by fixed instalment at 10 per p.a.(make full working ) .
what is the difference btw straight line method and written down method?
answers of Dk goyal a
nd Shelly goyal
The Sameer transport company purchased 10 trucks at Rs 90,000 each on 1 april 1995. On 1 october 1997 one of the trucks was involved in an accident and is completely destroyed. Rs 56,200 was received from the insurance company in full settlement. On the same date another truck was purchased bt the company for the sum of Rs 1,00,000 writes off 20% per annum on the diminshing balance method. The company maintains the calendar year as its financial year. Show the truck account for four years ending 31 december,1998.
On 1st January,2004, machinery was purchased by X for Rs. 50,000. On 1st July, 2005, additions were made to extent of Rs. 10,000. On 1st April, 2006 further additions were made to extent of Rs. 6400. On 30 th June, 2007 machinery , the original value of which was Rs. 8000 on 1st January, 2004. was sold for Rs. 6000. Depriciation is charged at 10% per annum on original cost.
Show machinery A/C for the years from 2004 to 2007 in books of X.X closes the books 31st December.
A firm purchased on 1st April, 2009, a second hand Machinery for Rs 36,000 and spent Rs 4,000 on its installation. On 1st Oct. in the same year another Machinery costing Rs 20,000 was purchased. On 1st Oct., 2011, the Machinery bought on 1st April, 2009 was sold off for Rs 12,000 and on the same date a fresh Machine was purchased for Rs 64,000. Depriciation is provided annually on 31st March, @ 10% p.a. on the Written Down Value Method. Show the Machine account from 1st April, 2009 to 31st March, 2013.
i wnt the solution of ch.15 question 8 (from dk goel,rajesh goel)
how we make machinery account with provision account..?
four examples each of provision and reserves.
class XI apc d.k goel...ch-15 question 21 22....pls slove the problem....pls help me
You are given the following balances as on 1-4-2005, Machine a/c Rs.5,00,000 and Provision for Depreciation a/c Rs.1,16,000.
Depreciation is charged on machinery @20% P.A. by diminishing method. A piece of machine purchased on 1-4-2003 for Rs.1,00,000 was sold on 1-10-2005 for Rs.60,000. Prepare the machinery account and provision for depreciation account for the year ended 31-3-2006. Also, prepare the machine disposal account.
what is the difference between revenue reserve and capital reserve
A company purchased a machinery for rs. 50000 on 1st july 1988.Another machinery costing rs. 10000 was purchased on 1st september 1989.On 31st december,1990,the machinery purchased in 1988 was sold at a loss of rs.5000.The company charges depriciation at the rate of 15% p.a. on diminishing balance method.accounts are closed on 31st december every year.
Prepare the machinery account for 3 years
A company purchased a machinery for Rs 50,000 on 1 october 2007. Another machinery costing Rs 10,000 was purchased on 1 december 2008. On 31 march 2010, the machinery purchased in the 2007 was sold at a loss of Rs 5,000. The company charges depreciation at the rate of 15% p.a. on diminishing balance method. Accounts are closed on 31 march every year. Prepare machinery account for 3 years.
what do you mean by asset disposal account???????
between general reserve and specific reserve.
what is the meaning of erection expenses?
chapter-15 (depreciation) practical questions 22.$23 plz do fast its important for me now
Books of Mumbai Chemicals Ltd. showed the following balances on 1st April, 2012:
On 1st April, 2012, a machine which had a cost of Rs 2,00,000 on 1st Oct, 2009 was sold for Rs 80,000. The firm writes off depriciation @ 10% pa. under the reducing balance method and its accounts are made up on 31st March every year. You are required to prepare the machinery account and provision for depriciation account for the year ending 31st March, 2013.
general reserve account and dividend equalisatin fund accounts are:personal, real, nominal and none. give the answer with explanation not only direct give the answer with reason i want a answer
on 1st jan,2006, A ltd purchased a machine for RS 240,000 and spent Rs 10,000 on its erection.On 1st july, 2008, an additional machinery costing 100,000 was purchased . On the same date, a new machine was purchased on 1st jan, 2006 was sold for Rs 143,000and on he same date , a new machine was purchased at a cot of 200,000.
SHow he machinery a/c for the first four calendar years after charging depreciation at 5% by the straight line method .
A firm purchased a second hand machine on 1st april 2005 and paid 140000 rs for it. its spent on its overhauling and installation 20000 rs . on 1st october , 2005 another machine coasting 80000 rs was purchased , on 1st october 2007 the machine purchased on 1st april, 2005 was disposed off 104000 rs and a new machine coasting 200000rs was installed. Depreciation was provided @10% p.a. by the straight line method. give the macinery account and depreciation accounts for 3 years. Firms book are closed on 31st march.
which types of provision for depreciation a/c- (a) real a/c (b) nominal a/c (c) personal a/c
1) A Company purchased on 1st January, 1990, a machinery for Rs. 80,000. On 1st July, 1991, it purchased another machine for Rs. 50,000 and on 1st July, 1992, it sold off the first machine purchased in 1990 for Rs. 23,000. Depreciation was provided on the machinery at the rate of 20% p.a. on the original cost annually.
Give the Machinery Account for 4 years commencing from 1st January, 1990.
[Ans. Loss on sale of machinery Rs. 17,000; Balance of machinery on 1-1-1994, Rs. 25,000]
Modern ltd purchased a machinery on 1st may 2003 for rs 60,000. on 1st july ,2004 it purchased another machine for rs 20,000. on 31st march 2005 ,it sold the first machine purchased in 2003 for rs 38,500. depreciation is providedat 20% p.a.on the original cost each year. accounts are closed on 31st december each year. prepare the machinery a/c
On 1st jan ,2011 a merchant purchased a furniture costing Rs 55,000.It is estimated that its working life is 10 years at the end of which it will fetch Rs 5,000. Additions are made on 1st jan 2002 and 1st july 2004 to the value of Rs 9,500and Rs 8,400 (residual values 500 and 400 respectively ).Show the furniture account for the first 4 years,if depreciation is written off according to the straight line meathod.
Carriage Transport Company purchased 5 trucks at the cost
of Rs 2,00,000 each on April 01, 2001. The company writes off depreciation @
20% p.a. on original cost and closes its books on December 31, every year. On
October 01, 2003, one of the trucks is involved in an accident and is
completely destroyed. Insurance company has agreed to pay Rs 70,000 in full
settlement of the claim. On the same date the company purchased a second hand
truck for Rs 1,00,000 and spent Rs 20,000 on its overhauling. Prepare truck
account and provision for depreciation account for the three years ended on
December 31, 2003. Also give truck account if truck disposal account is
how to calculate profit or loss in the machinery account ?
need all the steps...!
chapter name :-
1) On 1st April 1999, X Ltd. Purchased a machinery for Rs. 15,00,000. Depreciation is provided @ 20% p.a. on the original cost of the machinery and books are closed on 31st December each year. On 28th February 2001, a part of this machine purchased on 1st April 1999 for Rs. 3, 60,000 was sold for Rs. 2, 40,000 and on the same date new machinery was purchased for Rs. 4, 20,000. You are required to show (a) Machinery A/c, (b) Provisio0n for Depreciation A/c and (c) Machinery Disposal A/c.
[Ans. Bal. of Machinery A/c on 31st Dec., 2001 Rs. 15, 60,000; Bal. of Provision for Depreciation A/c on 31st Dec., 2001 Rs. 6, 97,000; Gain on sale of Machinery Rs. 18,000.]
Kumar & company purchased a machinery on 1st january 2003 for rs.54000 and spent rs.6000 on its installation . On 1st september 2004 it purchased another machine for Rs.30000.
On 31st march 2005 the first machine purchased on 1st january 2003 is sold for rs.36000 and on the same date it purchased a new machinery for rs.80000.
On september 1,2006 the second machine purchased on september 1, 2004 was sold off for Rs.26000. Depreciation was provided on machinery @ 10% p.a. on original cost method annually on 31st december . give the machinery account from 2003 to 2006.
Sundry Debtors -- Rs.160000
Bad Debts written off -- Rs 9000
Discount allowed to Debtors ---Rs. 1800
Reserve for Bad and doubtful Debts 31-12-2011 --Rs. 16500
Reserve for discount on Debtors 31-12-2011 --Rs. 3200
You are required to provide the bad and doubtful debts at 5% and for discount on debtors at 2%. Show the adjustments for bad debts, bad debts reserve, discount account, and provision for discount on debtors.
Q3. On 1st january 2006, A Ltd. purchased a machine for Rs.2,40,000 and spent Rs.10,000 on its erection. On 1st july 2006 an additional machinery costing Rs.1,00,000 was purchased. On 1st July 2008, the machine purchased on 1st january 2006 was sold for Rs.1,43,000 and on the same date, a new machinery was purchased at a cost of Rs. 2,00,000. Show the Machinery Account for the first Four calender years after charging depreciation at 5% by Straight Line Method.
M/s Lokesh Fabrics purchased a Textile Machine on April
01, 2001 for Rs 1,00,000. On July 01, 2002 another machine costing Rs 2,50,000
was purchased . The machine purchased on April 01, 2001 was sold for Rs 25,000
on October 01, 2005. The company charges depreciation @15% p.a. on straight
line method. Prepare machinery account and machinery disposal account for the
year ended March 31, 2006.
HOW TO DO / MAINTAIN PROVISION FOR DEPRECIATION A/C I CAN,T UNDERSTAND IN NOTES PLEASE CAN U EXPLAIN ME.. ??
in detail the straight line method and written down value method of
depreciation. Distinguish between the two and also give situations
where they are useful.
M/s. Excel Computers has a debit balance of Rs 50,000
(original cost Rs 1,20,000) in computers account on April 01, 2000. On July 01,
2000 it purchased another computer costing Rs 2,50,000. One more computer was
purchased on January 01, 2001 for Rs 30,000. On April 01, 2004 the computer
which has purchased on July 01, 2000 became obsolete and was sold for Rs
20,000. A new version of the IBM computer was purchased on August 01, 2004 for Rs
80,000. Show Computers account in the books of Excel Computers for the years
ended on March 31, 2001, 2002, 2003, 2004 and 2005. The computer is depreciated
@10 p.a. on straight line method basis.
Berlia Ltd. Purchased a second hand machine for Rs 56,000
on July 01, 2001 and spent Rs 24,000 on its repair and installation and Rs
5,000 for its carriage. On September 01, 2002, it purchased another machine for
Rs 2,50,000 and spent Rs 10,000 on its installation.
(a) Depreciation is provided on machinery @10% p.a on
original cost method annually on December 31. Prepare machinery account and
depreciation account from the year 2001 to 2004.
(b) Prepare machinery account and depreciation account
from the year 2001 to 2004, if depreciation is provided on machinery @10% p.a.
on written down value method annually on December 31.
On 1st January 1990, a company purchased a plant for Rs 60,000/-. On 1st July in the same year, it purchased additional plant worth Rs. 18000/- and spends Rs 2000 on its erection, On 1 st July 1992 the plant purchased on 1st Janurary 1990 having become obsolete, is sold off for Rs 27000/-. On 1st October, 1993, fresh plant was purchased for Rs 64000. Depreciation is provided at 10% per annum on original cost on 31st December every year, Sho plant account from 1990 to 1993.
On April 01, 2000, Bajrang Marbles purchased a Machine
for Rs 2,80,000 and spent Rs 10,000 on its carriage and Rs 10,000 on its
installation. It is estimated that its working life is 10 years and after 10
years its scrap value will be Rs 20,000.
Prepare Machine account and Depreciation account for
the first four years by providing depreciation on straight line method.
Accounts are closed on March 31st every year.
Prepare Machine account, Depreciation account and
Provision for depreciation account (or accumulated depreciation account) for
the first four years by providing depreciation using straight line method
accounts are closed on March 31 every year.
ques 22 of depreciation..dk goel..
basic factors affecting the amount of depreciation.
Reliance Ltd. Purchased a second hand machine for Rs
56,000 on October 01, 2001 and spent Rs 28,000 on its overhaul and installation
before putting it to operation. It is expected that the machine can be sold for
Rs 6,000 at the end of its useful life of 15 years. Moreover an
estimated cost of Rs 1,000 is expected to be incurred to recover the salvage
value of Rs 6,000. Prepare machine account and Provision for depreciation
account for the first three years charging depreciation by fixed instalment
Method. Accounts are closed on December 31, every year.
Azad Ltd. purchased furniture on October 01, 2002 for Rs
4,50,000. On March 01, 2003 it purchased another furniture for Rs 3,00,000. On
July 01, 2004 it sold off the first furniture purchased in 2002 for Rs
2,25,000. Depreciation is provided at 15% p.a. on written down value method
each year. Accounts are closed each year on March 31. Prepare furniture
account, and accumulated depreciation account for the years ended on March 31,
2003, March 31, 2004 and March 31,2005. Also give the above two accounts if
furniture disposal account is opened.
journal entries for provision on machine
A firm purchased machinery costing Rs. 68,000 on 31st march 2008 and spent Rs. 7,000 on its installation. On 1st September 2010 1/3rd of the machinery was damaged by fire and replacement was done on the same day for the damaged part for Rs. 20,000. The insurance company admitted a claim of Rs. 7,000 for the damaged part . prepare machinery account from 2008 to 2010 after charging depreciation @20% by diminishing balance method. Accounts are closed on 31st December.....pls reply fast.......
what is the difference between depreciation and provisions
ON 1ST JANUARY,1990, A COMPANY BOUGHT PLANT AND MACHINERY COSTING RS 68000,IT IS ESTIMATED THAT ITS WORKING LIFE IS 10 YEARS,AT THE END OF WHICH IT WILL FETCH RS 8000. ADDITIONS ARE MADE ON 1ST JANUARY,1991 TO THE VALUE OF RS40000 (RESIDUAL VALUE RS 4000).MORE ADDITIONS ARE MADE JULY 1 1992 TO THE VALUE PF RS 9800(BREAK UP VALUE RS 800). THE WORKING LIFE OF BOTH THE ADDITIONAL plant and machinery is 20 years
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