Creating Provision For Depreciation Account

R. Kanitkar had purchased a machinery for rupee 1,00,000 on 1st October, 2016. Another machine was purchased for rupee 60,000 plus IGST " @ "12 % by cheque on 1st April, 2018. Depreciation is charged " @ "10% p.a. by the Straight Line Method. Accounts are closed every year on 31 st March. You are required to pass necessary Journal entries for the years ended 31st March, 2017, 2018, and 2019 and show Machinery Account and Machinery in the Balance Sheet: (i) When Provision for Depreciation Account is not maintained. (ii) When Provision for Depreciation Account is maintained.

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, 2016, a firm purchased a machinery for Rs 12,00,000. On 1st October, 2018, a part of the machinery purchased on 1st April, 2016 for Rs 80,000 was sold for Rs 45,000 and a new machinery at a cost Rs 1,58,000 was purchased and installed on the same date. The Company has adopted the method of providing depreciation "@ "10% p.a. on the diminishing balance of the machinery. Show the necessary Ledger accounts assuming that: (i) 'Provision for Depreciation Account' is not maintained, (ii) 'Provision for Depreciation Account' is maintained.

Following balances appear in the books of Dinesh, as on 1st April, 2018: {:("Machinery Account", " Rs 8,00,000,"):} {:("Provision for Depreciation Account", " Rs 3,10,000."):} On 1st July, 2018, a machinery which was purchased on 1st April, 2015 for Rs 1,20,000 was sold for Rs 50,000 plus CGST and SGST "@ " 6% each and on the same date another machinery was purchased for Rs 32,000 plus CGST and SGST "@ "6% each. The firm charges depreciation "@ " 15% p.a. On Original Cost Method and closes its books on 31st March every year. Prepare Machinery Account and Provision for Depreciation Account for the year 2018-19. Also, pass Journal entry for the sale of machinery.

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.

{:("Following balances appear in the books of X Ltd. as on 1st April, 2018: ",₹),( "Machinery A/c","5,00,000"),("Provision for Depreciation A/c","2,25,000"):} The machinery is depreciated "@ "10% p.a. on the Fixed Instalment Method. The accounting year being April-March. On 1st October, 2018, a machinery which was purchased on 1st July, 2015 for Rs 1,00,000 was sold for Rs 42,000 plus CGST and SGST "@ "6% each and on the same date a new machine was purchased for Rs 2,00,000 paying IGST "@ "12% . Prepare Machinery Account and Provision for Depreciation Account for the year ended 31st March, 2019.