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Page No 14.31:

Answer:

Machinery Account

Dr.

 

Cr.

Date

Particulars

Amount

(Rs)

Date

Particulars

Amount

(Rs)

2013

 

 

2014

 

 

Apr. 01

Bank A/c

21,000

Mar. 31

Depreciation A/c

2,000

 

 

 

Mar. 31

Balance c/d

19,000

 

 

21,000

 

 

21,000

2014

 

 

2015

 

 

Apr. 01

Balance b/d

19,000

Mar. 31

Depreciation A/c

2,000

 

 

 

Mar. 31

Balance c/d

17,000

 

 

19,000

 

 

19,000

2015

 

 

2016

 

 

Apr. 01

Balance b/d

17,000

Mar. 31

Depreciation A/c

2,000

 

 

 

Mar. 31

Balance c/d

15,000

 

 

 

 

 

 

 

 

17,000

 

 

17,000

 

 

 

 

 

 

Working Notes:

1. Calculation of Depreciation

Page No 14.31:

Answer:

Book of Shri Ram

Machinery Account 

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2013

 

 

 

2014

 

 

 

April 01

Bank

 

40,000

Mar. 31

Depreciation

 

4,000

April 01

Bank (Erection Expense)

 

5,000

Mar. 31

Balance c/d

 

41,000

 

 

 

45,000

 

 

 

45,000

2014

 

 

 

2015

 

 

 

April 01

Balance b/d

 

41,000

Mar. 31

Depreciation

 

4,000

 

 

 

 

Mar. 31

Balance c/d

 

37,000

 

 

 

41,000

 

 

 

41,000

2015

 

 

 

2016

 

 

 

April 01

Balance b/d

 

37,000

Mar. 31

Depreciation

 

4,000

 

 

 

 

Mar. 31

Balance c/d

 

33,000

 

 

 

37,000

 

 

 

37,000

 

 

 

 

 

 

 

 

Calculation of Depreciation

Page No 14.31:

Answer:

Machinery Account

Dr.

 

Cr.

Date

Particulars

Amount

(Rs)

Date

Particulars

Amount

(Rs)

2012

 

 

2013

 

 

Apr. 01

Bank A/c

3,30,000

Mar. 31

Depreciation A/c

75,000

 

 

 

Mar. 31

Balance c/d

2,55,000

 

 

3,30,000

 

 

3,30,000

2013

 

 

2014

 

 

Apr. 01

Balance b/d

2,55,000

Mar. 31

Depreciation A/c

75,000

 

 

 

Mar. 31

Balance c/d

1,80,000

 

 

2,55,000

 

 

2,55,000

2014

 

 

2015

 

 

Apr. 01

Balance b/d

1,80,000

Mar. 31

Depreciation A/c

75,000

 

 

 

Mar. 31

Balance c/d

1,05,000

 

 

 

 

 

 

 

 

1,80,000

 

 

1,80,000

2015

 

 

2016

 

 

Apr. 01

Balance b/d

1,05,000

Mar. 31

Depreciation A/c

75,000

 

 

 

Mar. 31

Balance c/d

30,000

 

 

1,05,000

 

 

1,05,000

 

 

 

 

 

 

Working Notes:

1. Calculation of Amount of Depreciation

Cost of Asset = Purchase Price + Freight & Insurance + Carriage Inwards + Installation Charges
                      = 3,00,000 + 21,000 + 3,000 + 6,000
                      = Rs 3,30,000

Page No 14.31:

Answer:

Furniture Account

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2009

 

 

 

2009

 

 

 

Jan. 01

Bank (F1)

 

55,000

Dec. 31

Depreciation (F1)

 

5,000

 

 

 

 

Dec. 31

Balance c/d (F1)

 

50,000

 

 

 

55,000

 

 

 

55,000

2010

 

 

 

2010

 

 

 

Jan. 01

Balance b/d (F1)

 

50,000

Dec. 31

Depreciation

 

 

Jan. 01

Bank (F2)

 

9,500

 

F1

5,000

 

 

 

 

 

 

 

F2

900

 

5,900

 

 

 

 

Dec. 31

Balance c/d

 

 

 

 

 

 

 

F1

45,000

 

 

 

 

 

 

 

F2

8,600

 

53,600

 

 

 

59,500

 

 

 

59,500

2011

 

 

 

2011

 

 

 

Jan. 01

Balance b/d

 

 

Dec. 31

Depreciation

 

 

 

F1

45,000

 

 

 

F1

5,000

 

 

 

F2

8,600

 

53,600

 

F2

900

 

5,900

 

 

 

 

Dec. 31

Balance c/d

 

 

 

 

 

 

 

F1

40,000

 

 

 

 

 

 

 

F2

7,700

 

47,700

 

 

 

53,600

 

 

 

53,600

2012

 

 

 

2012

 

 

 

Jan.01

Balance b/d

 

 

Dec. 31

Depreciation

 

 

 

F1

40,000

 

 

 

F1

5,000

 

 

 

F2

7,700

 

47,700

 

F2

900

 

 

July 01

Bank (F3)

 

8,400

 

F3

400

 

6,300

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 31

Balance c/d

 

 

 

 

 

 

 

F1

35,000

 

 

 

 

 

 

 

F2

6,800

 

 

 

 

 

 

 

F3

8,000

 

49,800

 

 

 

56,100

 

 

 

56,100

 

 

 

 

 

 

 

 

Working Notes:



Page No 14.32:

Answer:

In this question, the word 'p.a.' is not suffixed with the rate of depreciation.

There are two ways of doing such a question. 

1) Where the date of purchase is taken into consideration, so in this case, depreciation will be charged for six months. (less commonly followed practice)

2) Where the date of purchase of the asset is ignored and depreciation is charged for complete one year. (Most commonly followed practice)

The first way is given below:

Machinery Account

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2010

 

 

 

2010

 

 

 

Jan. 01

Bank (M1)

 

2,50,000

Dec. 31

Depreciation

 

 

July 01

Bank (M2)

 

1,00,000

 

M1

12,500

 

 

 

 

 

 

 

M2 (for 6 Months)

2,500

 

15,000

 

 

 

 

Dec. 31

Balance c/d

 

 

 

 

 

 

 

M1

2,37,500

 

 

 

 

 

 

 

M2

97,500

 

3,35,000

 

 

 

3,50,000

 

 

 

3,50,000

2011

 

 

 

2011

 

 

 

Jan. 01

Balance b/d

 

 

Dec. 31

Depreciation

 

 

 

M1

2,37,500

 

 

 

M1

12,500

 

 

 

M2

97,500

 

3,35,000

 

M2

5,000

 

17,500

 

 

 

 

 

 

 

 

 

 

 

 

Dec. 31

Balance c/d

 

 

 

 

 

 

 

M1

2,25,000

 

 

 

 

 

 

 

M2

92,500

 

3,17,500

 

 

 

3,35,000

 

 

 

3,35,000

2012

 

 

 

2012

 

 

 

Jan. 01

Balance b/d

 

 

July 01

Depreciation (for 6 months)

 

6,250

 

M1

2,25,000

 

 

July 01

Bank (M1 sold)

 

1,43,000

 

M2

92,500

 

3,17,500

July 01

Profit and Loss (loss on sale)

 

75,750

July 01

Bank (M3)

 

2,00,000

Dec. 31

Depreciation

 

 

 

 

 

 

 

M2

5,000

 

 

 

 

 

 

 

M3(for 6 months)

5,000

 

10,000

 

 

 

 

Dec. 31

Balance c/d

 

 

 

 

 

 

 

M2

87,500

 

 

 

 

 

 

 

M3

1,95,000

 

2,82,500

 

 

 

5,17,500

 

 

 

5,17,500

2012

 

 

 

2013

 

 

 

Jan. 01

Balance b/d

 

 

Dec. 31

Depreciation

 

 

 

M2

87,500

 

 

 

M2

5,000

 

 

 

M3

1,95,000

 

2,82,500

 

M3

10,000

 

15,000

 

 

 

 

Dec. 31

Balance c/d

 

 

 

 

 

 

 

M2

82,500

 

 

 

 

 

 

 

M3

1,85,000

 

2,67,500

 

 

 

2,82,500

 

 

 

2,82,500

 

 

 

 

 

 

 

 

 

Working Notes:

1. Calculation of Deprecation  

2. Calculation of profit or loss on sale of Machine 1

Particulars

Amount

(Rs)

Book Value on Jan 01, 2008

2,25,000

Less: Deprecation for six month

(6,250)

Book Value on July 01, 2008

2,18,750

Less: Sale Proceeds

(1,43,000)

Loss on Sale of Machine

75,750

 

The second way of answering this question is: 

 

Machinery Account

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2010

 

 

 

2010

 

 

 

Jan.01

Bank (M1)

 

2,50,000

Dec.31

Depreciation

 

 

July 01

Bank (M2)

 

1,00,000

 

M1

12,500

 

 

 

 

 

 

 

M2 (6 Months)

5,000

 

17,500

 

 

 

 

Dec.31

Balance c/d

 

 

 

 

 

 

 

M1

2,37,500

 

 

 

 

 

 

 

M2

95,000

 

3,32,500

 

 

 

3,50,000

 

 

 

3,50,000

2011

 

 

 

2011

 

 

 

Jan.01

Balance b/d

 

 

Dec.31

Depreciation

 

 

 

M1

2,37,500

 

 

 

M1

12,500

 

 

 

M2

95,000

 

3,32,500

 

M2

5,000

 

17,500

 

 

 

 

 

 

 

 

 

 

 

 

Dec.31

Balance c/d

 

 

 

 

 

 

 

M1

2,25,000

 

 

 

 

 

 

 

M2

90,000

 

3,15,000

 

 

 

3,32,500

 

 

 

3,32,500

2012

 

 

 

2012

 

 

 

Jan.01

Balance b/d

 

 

July 01

Depreciation (for 6 months)

 

6,250

 

M1

2,25,000

 

 

July 01

Bank (M1 sold)

 

1,43,000

 

M2

90,000

 

3,15,000

July 01

Profit and Loss (loss on sale)

 

75,750

July 01

Bank (M3)

 

2,00,000

Dec.31

Depreciation

 

 

 

 

 

 

 

M2

5,000

 

 

 

 

 

 

 

M3

10,000

 

15,000

 

 

 

 

Dec.31

Balance c/d

 

 

 

 

 

 

 

M2

85,000

 

 

 

 

 

 

 

M3

1,90,000

 

2,75,000

 

 

 

5,15,000

 

 

 

5,15,000

2013

 

 

 

2013

 

 

 

Jan.01

Balance b/d

 

 

Dec.31

Depreciation

 

 

 

M2

85,000

 

 

 

M2

5,000

 

 

 

M3

1,90,000

 

2,75,000

 

M3

10,000

 

15,000

 

 

 

 

Dec.31

Balance c/d

 

 

 

 

 

 

 

M2

80,000

 

 

 

 

 

 

 

M3

1,80,000

 

2,60,000

 

 

 

2,75,000

 

 

 

2,75,000

 

 

 

 

 

 

     

 

Working Notes:

1. Calculation of Deprecation  

2. Calculation of profit or loss on sale of Machine 1

Particulars

Amount

(Rs)

Book Value on Jan 01, 2008

2,25,000

Less: Deprecation for six month

(6,250)

Book Value on July 01, 2008

2,18,750

Less: Sale Proceeds

(1,43,000)

Loss on Sale of Machine

75,750

 

Note: The answer obtained by following the second way is different from the one given in the textbook. However, it is advisable that students should follow the second method (i.e. charging depreciation for complete one year in case 'p.a.' word is not given with the rate of depreciation).

Page No 14.32:

Answer:

Machinery Account

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2014

 

 

 

2015

 

 

 

Apr. 01

Bank A/c (M1)
(40,000 + 10,000)

 

50,000

Mar. 31

Depreciation A/c

 

 

Sept. 30

Bank A/c (M2)

 

20,000

 

M1

5,000

 

 

 

 

 

 

 

M2 (for 6 months)

1,000

 

6,000

 

 

 

 

Mar. 31

Balance c/d

 

 

 

 

 

 

 

M1

45,000

 

 

 

 

 

 

 

M2 (for 6 months)

19,000

 

64,000

 

 

 

70,000

 

 

 

70,000

 

 

 

 

 

 

 

 

Note:

Repair and renewal made on December 31, 2014 will not be recorded in Machinery Account because, this repair was made after putting the Machinery in to use.

Page No 14.32:

Answer:

Maruti Van Account 

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2009

 

 

 

2009

 

 

 

Jan. 01

Bank A/c (I)

 

65,000

Dec. 31

Depreciation A/c (I)

 

6,500

 

 

 

 

Dec. 31

Balance c/d (I)

 

58,500

 

 

 

65,000

 

 

 

65,000

2010

 

 

 

2010

 

 

 

Jan. 01

Balance b/d (I)

 

58,500

Dec. 31

Depreciation A/c

 

 

July 01

Bank A/c (II)

 

70,000

 

(I)

6,500

 

 

 

 

 

 

 

(II) (for 6 month)

3,500

 

10,000

 

 

 

 

Dec. 31

Balance c/d

 

 

 

 

 

 

 

(I)

52,000

 

 

 

 

 

 

 

(II)

66,500

 

1,18,500

 

 

 

1,28,500

 

 

 

1,28,500

2011

 

 

 

2011

 

 

 

Jan. 01

Balance b/d

 

 

Jan. 01

Bank A/c (I)

 

45,000

 

(I)

52,000

 

 

Jan. 01

Profit and Loss A/c (Loss on Sale)

 

7,000

 

(II)

66,500

 

1,18,500

Dec. 31

Depreciation A/c

 

 

Jan. 01

Bank A/c (III)

 

1,70,000

 

(II)

7,000

 

 

 

 

 

 

 

(III)

17,000

 

24,000

 

 

 

 

Dec. 31

Balance c/d

 

 

 

 

 

 

 

(II)

59,500

 

 

 

 

 

 

 

(III)

1,53,000

 

2,12,500

 

 

 

2,88,500

 

 

 

2,88,500

 

 

 

 

 

 

 

 

Working Notes

1. Calculation of Annual Depreciation

2. Calculation of profit or loss on Sale of Maruti Van (I)

 

Particulars

Amount

(Rs)

Book Value on Jan 01, 2002

52,000

Less: sale of Maruti Van

(45,000)

Loss on sale of Maruti Van

7,000

 

Page No 14.32:

Answer:

Books of Sohan Lal & Sons

Plant Account

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2010

 

 

 

2010

 

 

 

April 01

Bank A/c (I)

 

60,000

Dec.31

Depreciation A/c

 

 

 

 

 

 

 

(I) for 9 months

4,500

 

 

 

 

 

 

 

(II) for 3 months

1,000

 

5,500

Oct.01

Bank A/c (II)

 

40,000

Dec.31

Balance c/d

 

 

 

 

 

 

 

(I)

55,500

 

 

 

 

 

 

 

(II)

39,000

 

94,500

 

 

 

1,00,000

 

 

 

1,00,000

2011

 

 

 

2011

 

 

 

Jan.01

Balance b/d

 

 

Dec.31

Depreciation A/c

 

 

 

(I)

55,500

 

 

 

(I)

6,000

 

 

 

(II)

39,000

 

94,500

 

(II)

4,000

 

 

July 01

Bank A/c (III)

 

20,000

 

(III) for 6 months

1,000

 

11,000

 

 

 

 

Dec.31

Balance c/d

 

 

 

 

 

 

 

(I)

49,500

 

 

 

 

 

 

 

(II)

35,000

 

 

 

 

 

 

 

(III)

19,000

 

1,03,500

 

 

 

1,14,500

 

 

 

1,14,500

2012

 

 

 

2012

 

 

 

Jan.01

Balance b/d

 

 

Jan.01

Bank A/c

 

6,000

 

(I)

49,500

 

 

Jan.01

Profit and Loss A/c (loss)(16,500 – 6,000)

 

10,500

 

(II)

35,000

 

 

Dec.31

Depreciation A/c

 

 

 

(III)

19,000

 

1,03,500

 

(I)

4,000

 

 

 

 

 

 

 

(II)

4,000

 

 

 

 

 

 

 

(III)

2,000

 

10,000

 

 

 

 

Dec.31

Balance c/d

 

 

 

 

 

 

 

(I)

29,000

 

 

 

 

 

 

 

(II)

31,000

 

 

 

 

 

 

 

(III)

17,000

 

77,000

 

 

 

1,03,500

 

 

 

1,03,500

 

 

 

 

 

 

 

 

Working Notes

1. Calculation of Depreciation

2. Calculation of profit or loss on Sale of Plant I

Particulars

Amount

(Rs)

1/3rd of Book Value of Plant I as on Jan.01, 2012( 49,500 × 1/3)

16,500

Less: Sale of Plant

(6,000)

Loss on Sale of Plant

10,500

 

Page No 14.32:

Answer:

​

Books of A. Co. Ltd

Machinery

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2012

 

 

 

2013

 

 

 

July 01

Bank (I) (20,000 + 3,000)

 

23,000

Mar.31

Depreciation

 

 

2013

 

 

 

 

I (for 9 months)

1,725

 

 

Jan.01

Bank (II)

 

12,000

 

II (for 3 months)

300

 

2,025

 

 

 

 

Mar.31

Balance c/d

 

 

 

 

 

 

 

I

21,275

 

 

 

 

 

 

 

II

11,700

 

32,975

 

 

 

35,000

 

 

 

35,000

2013

 

 

 

2014

 

 

 

April 01

Balance b/d

 

 

Mar.31

Depreciation

 

 

 

I

21,275

 

 

 

I

2,300

 

 

 

II

11,700

 

32,975

 

II

1,200

 

3,500

 

 

 

 

Mar.31

Balance c/d

 

 

 

 

 

 

 

I

18,975

 

 

 

 

 

 

 

II

10,500

 

29,475

 

 

 

32,975

 

 

 

32,975

2014

 

 

 

2014

 

 

 

April 01

Balance b/d

 

 

June 30

Bank (II)

 

8,000

 

I

18,975

 

 

June 30

Depreciation (II) (for 3 months)

 

300

 

II

10,500

 

29,475

June 30

Profit and Loss (Loss)

 

2,200

July 01

Bank (III)

 

5,000

2015

 

 

 

July 01

Creditors for plant (III)

 

10,000

Mar.31

Depreciation

 

 

 

 

 

 

 

I

2,300

 

 

 

 

 

 

 

III (on 15,000 for 8 months)

1,125

 

3,425

 

 

 

 

 

Balance c/d

 

 

 

 

 

 

 

I

16,675

 

 

 

 

 

 

 

III

13,875

 

30,550

 

 

 

44,475

 

 

 

44,475

 

 

 

 

 

 

 

 

 

Working Notes

1. Calculation of Depreciation

2.     Calculation of profit on loss on sale of Machine (II)

 

Particulars

Amount (Rs)

Book Value of Machine (II) on April 01, 2007

10,500

Less: Depreciation for 3 Months

(300)

Book Value on June 30

10,200

Less: Sale

(8,000)

Loss on Sale

2,200

Page No 14.32:

Answer:

Asset Account

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2007

 

 

 

2008

 

 

 

April 01

Bank

 

10,500

Mar.31

Depreciation

 

1,000

 

 

 

 

Mar.31

Balance c/d

 

9,500

 

 

 

10,500

 

 

 

10,500

2008

 

 

 

2009

 

 

 

April 01

Balance b/d

 

9,500

Mar.31

Depreciation

 

1,000

 

 

 

 

Mar.31

Balance c/d

 

8,500

 

 

 

9,500

 

 

 

9,500

2009

 

 

 

2010

 

 

 

April 01

Balance b/d

 

8,500

Mar.31

Depreciation

 

1,000

 

 

 

 

Mar.31

Balance c/d

 

7,500

 

 

 

8,500

 

 

 

8,500

2010

 

 

 

2011

 

 

 

April 01

Balance b/d

 

7,500

Mar.31

Depreciation

 

1,000

 

 

 

 

Mar.31

Balance c/d

 

6,500

 

 

 

7,500

 

 

 

7,500

2011

 

 

 

2012

 

 

 

April 01

Balance b/d

 

6,500

Mar.31

Depreciation

 

1,000

 

 

 

 

Mar.31

Balance c/d

 

5,500

 

 

 

6,500

 

 

 

6,500

2012

 

 

 

2013

 

 

 

April 01

Balance b/d

 

5,500

Mar.31

Depreciation

 

1,000

 

 

 

 

Mar.31

Balance c/d

 

4,500

 

 

 

5,500

 

 

 

5,500

2013

 

 

 

2014

 

 

 

April 01

Balance b/d

 

4,500

Mar.31

Depreciation

 

1,000

 

 

 

 

Mar.31

Bank

 

600

 

 

 

 

Mar.31

Profit and Loss (Loss)

 

2,900

 

 

 

4,500

 

 

 

4,500

 

 

 

 

 

 

 

 

(i) Depreciation Expense for the year ended March 31, 2008 is Rs 1,000

(ii) The Net Book Value of the asset on March 31, 2012 is Rs 5,500

(iii) Loss on Sale of the asset on March 31, 2014 is Rs 2,900

 

Page No 14.32:

Answer:

Books of X

Machinery Account

Dr.

 

Cr.

Date

Particulars

J.F.

Amount

(Rs)

Date

Particulars

J.F.

Amount

(Rs)

2012

 

 

 

2012

 

 

 

Jan.01

Bank (I)

 

50,000

Dec.31

Depreciation (I)

 

5,000

 

 

 

 

Dec.31

Balance c/d

 

45,000

 

 

 

50,000

 

 

 

50,000

2013

 

 

 

2013

 

 

 

Jan.01