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Question 17 Chapter 11 – Unimax Publications of Class 11
On 1.1.2019, Mrs. Neelam Sharma bought a machinery for ₹ 25,000 on which she spent ₹ 5,000 for carriage and freight, ₹ 1,000 for brokerage of the middle-man, ₹ 3,500 for installation and ₹ 500 for an iron pad. The machinery is depreciated @ 10% per annum on written down value basis. After four years the machine was sold to Deep for ₹ 30,500 and ₹ 500 were paid or loss on sale of machine if the accounts are closed on 31st December every year.
The solution of Question 17 Chapter 11 – Unimax Publications of Class 11
| Dr. | Machine A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 01/01/19 | To Bank A/c | 25,000 | 31/03/19 | By Deprecation A/c | 3,500 | ||
| 01/01/19 | To Bank A/c (carriage and freight cost) | 5,000 | 31/03/19 | By Balance C/d | 31,500 | ||
| 01/01/19 | To Bank A/c (brokerage paid) | 1,000 | |||||
| 01/01/19 | To Bank A/c (installation cost) | 3,500 | |||||
| 01/01/19 | To Bank A/c | 500 | |||||
| 35,000 | 35,000 | ||||||
| 01/01/20 | To Balance b/d | 31,500 | 31/03/20 | By Deprecation A/c | 3,150 | ||
| 31/03/20 | By Balance C/d | 28,350 | |||||
| 31,500 | 31,500 | ||||||
| 01/01/21 | To Balance b/d | 28,350 | 31/12/21 | By Deprecation A/c | 2,835 | ||
| 31/12/21 | By Balance C/d | 25,515 | |||||
| 28,350 | 28,350 | ||||||
| 01/01/22 | To Balance b/d | 25,515 | 31/12/22 | By Deprecation A/c | 2,552 | ||
| 31/12/22 | To Profit & loss A/c | 7,037 | 31/12/22 | By Balance C/d | 30,000 | ||
| 32,552 | 32,552 | ||||||
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