Home
Class 11
ACCOUNTS
Following balances appear in the books o...

Following balances appear in the books of Goyal Brothers:

On 1st April, 2018, they decided to sell a machine for Rs 2,00,000 which was purchased on 1st April, 2015 for Rs 3,00,000. Prepare Machinery Account and Provision for Depreciation Account for the year ended 31st March, 2019 assuming that the firm has been charging depreciation `"@ "10%` p.a. on the Straight Line Method.

Text Solution

Verified by Experts


Promotional Banner

Topper's Solved these Questions

  • DEPRECIATION

    TS GREWAL|Exercise Higher Order Thinking Skills (HOTS) Questions|11 Videos
  • DEPRECIATION

    TS GREWAL|Exercise Very Short Answer Type Questions|21 Videos
  • COMPUTERS IN ACCOUNTING

    TS GREWAL|Exercise Multiple choice Questions (MCQs)|3 Videos
  • FINANCIAL STATEMENTS OF SOLE PROPRIETORSHIP

    TS GREWAL|Exercise Illustration|50 Videos

Similar Questions

Explore conceptually related problems

{:("Following balances appear in the books of Pyriyank Brothers: ",₹),("1st April, 2017 " "Machinery A/c","20,00,000"),(" Provision for Depreciation A/c","8,00,000"):} On 1st April, 2017, they decide to sell a machine for Rs 5,00,000. This machine was purchased for Rs 7,50,000 on 1st April, 2014. Prepare the Machinery Account and Provision for Depreciation Account for the year ended 31st March, 2018 assuming that the firm has been charging Depreciation "@ "10% p.a. on the Straight Line Method.

{:("Following balances appear in the books of Rama Bros ",₹),("1st April, 2016 " "Machinery A/c","80,000"),(" Provision for Depreciation A/c","36,000"):} On 1st April, 2016, they decided to sell a machine for Rs 8,700. This machine was purchased for RS 16,000 in April, 2012. Prepare the Provision for Depreciation Account and Machinery Account on 31st March, 2017, assuming the firm has been charging Depreciation at 10% p.a. on Straight Line Method.

Following balances appear in the books of M/s Amrit as on 1st April, 2018: {:("2018 ",₹),("1st April ""Machinery A/c ","60,000"),(" Provision for Depreciation A/c ", "36,000"):} On 1st April, 2018, they decided to dispose off a machinery for Rs 8,400 which was purchased on 1st April, 2014 for Rs 16,000. You are required to prepare the Machinery Account, Provision for Depreciation Account and Machinery Disposal Account for the year ended 31st March, 2019. Depreciation was charged at 10% p.a. on Cost following Straight Line Method.

Sharma & Co. whose books are closed on 31st March, purchased a machinery for Rs 1,50,000 on 1st April, 2016, Additional machinery was acquired for Rs 50,000 on 1st October, 2016 was sold for Rs 40,000 on 30th September, 2018. Prepare the Machinery Account and Accumulated Depreciation Account for all the years up to the year ended 31st March, 2019. Depreciation is charged "@ "10% p.a. on Straight Line Method. Also, show the Machinery Disposal Account.

You are given following balances as on 1st April, 2005: {:("Machinery A/C" , " Rs 5,00,000"),("Provision for Depreciation A/C " , " Rs 1,16,000"):} Depreciation is charged on machinery at 20% p.a. by the Diminishing Balance Method. A piece of machinery purchased on 1st April, 2003 for Rs 1,00,000 was sold on 1st October, 2005 for Rs 60,000. Prepare the Machinery Account and Provision for Depreciation Account for the year ended 31st March, 2006. Also, prepare the Machinery Disposal Account.

On 1st April, 2015, Star Ltd. purchased 5 machines for Rs 60,000 each. On 1st April, 2017, one of the machine was sold at a loss of Rs 8,000. On 1st July, 2018, second machine was sold at a loss of Rs 12,500. A new machine was purchased. for Rs 1,00,000 on 1st October, 2018. Prepare Machinery Account for 4 years, assuming accounts are closed on 31st March each year and depreciation is charged " @ " 10% per annum as per Straight Line Method.

A firm purchased an old truck for Rs 2,00,000 on 1st April, 2016. It charged depreciation "@ " 20% per annum following Written Down Value Method. The truck was sold on 1st October, 2017 for Rs 1,60,000. Prepare Truck Account for the years ending 31st March, 2017 and 2018.

A company purchased machinery for Rs 2,00,000 on 1st April, 2016. The machinery is depreciated " @ "10% p.a. of cost. On 1st October, 2018, the machinery was sold for Rs 1,20,000. Draw the Machinery Account for the years ended 31st March 2017, 2018 and 2019.

Astha Engineering Works purchased a machine on 1st July, 2015 for Rs 1,80,000 and spent Rs 20,000 on its installation. On 1st April, 2016, it purchased another machine for Rs 2,40,000. On 1st October, 2017, the machine purchased on 1st July, 2015 was sold for Rs 1,45,000 plus CGST and SGST "@ "6% each. On 1st January, 2018, another machine was purchased for 4,00,000 plus IGST "@ "12% . Prepare the Machinery Account for the years ended 31st March, 2016 to 2018 after charging Depreciation "@ "10% p.a. by Diminishing Balance Method. Accounts are closed on 31st March every year.

On 1st April, 2015, A Ltd. Purchased a machine for Rs 2,40,000 and spent Rs 10,000 on its erection. On 1st October, 2015, an additional machinery costing Rs 1,00,000 was purchased. On 1st October, 2017, the machine purchased on 1st April, 2015was sold for Rs 1,43,000 and on the same date, a new machine was purchased at a cost of Rs 2,00,000. Show the Machinery Account for the first four financial years after charging Depreciation at 5% p.a. by the Straight Line Method.