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Question 23 Chapter 11 – Unimax Publications of Class 11
23. (with GST). ABC Ltd. Purchased on 1st April,2018 a plant for ₹ 1,00,000 plus CGST And SGST @ 6% each. On 1st October 2018, an additional plant was purchased costing ₹ 50,000 plus CGST and SGST @ 6% each. On 1st October 2019 and the plant purchased on 1st April 2018 having become obsolete was sold for ₹ 40,000, charging CGST and SGST @ 6% each. Depreciation is provided @ 10% p.a. on cost on 31st March every year. Show the machinery, Machinery Disposal, and Provision for depreciation accounts for the years ended 31st March 2019 and 2020. Also show CGST and SGST account for the two years.
The solution of Question 23 Chapter 11 – Unimax Publications of Class 11
| Dr. | Machinery A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 01/04/18 | To Bank A/c (machine 1) | 1,00,000 | 31/03/19 | By Balance c/d | 1,50,000 | ||
| 01/10/18 | To Bank A/c (machine 2) | 50,000 | |||||
| 1,50,000 | 1,50,000 | ||||||
| 01/04/19 | To Balance b/d | 1,50,000 | 01/10/19 | By Machine disposal A/c | 1,00,000 | ||
| 31/03/20 | By Balance C/d | 50,000 | |||||
| 1,50,000 | 1,50,000 | ||||||
| 01/04/20 | To Balance b/d | 50,000 | |||||
| Dr. | Provision for depreciation A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 31/03/19 | To Balance c/d | 12,500 | 31/03/19 | By Depreciation (machine 1) A/c | 10,000 | ||
| 31/03/19 | By Depreciation (machine 2) A/c | 2,500 | |||||
| 12,500 | 12,500 | ||||||
| 01/10/19 | To Machine disposal A/c | 15,000 | 01/04/19 | By Balance b/d | 12,500 | ||
| 31/12/20 | To Balance c/d | 7,500 | 01/10/19 | By Depreciation (machine 1) A/c | 5,000 | ||
| 31/03/20 | By Depreciation (machine 2) A/c | 5,000 | |||||
| 22,500 | 22,500 | ||||||
| Dr. | Machine disposal A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 01/10/19 | To Machinery A/c | 1,00,000 | 01/10/19 | By Provision for | 15,000 | ||
| 01/10/19 | By Bank A/c | 40,000 | |||||
| 01/01/18 | By Profit & Loss A/c | 45,000 | |||||
| 1,00,000 | 1,00,000 | ||||||
| Dr. | Input CGST A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 01/04/18 | To Bank A/c | 6,000 | 31/03/19 | By Balance c/d | 9,000 | ||
| 01/10/18 | To Bank A/c | 3,000 | |||||
| 9,000 | 9,000 | ||||||
| Dr. | Input SGST A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 01/04/18 | To Bank A/c | 6,000 | 31/03/19 | By Balance c/d | 9,000 | ||
| 01/10/18 | To Bank A/c | 3,000 | |||||
| 9,000 | 9,000 | ||||||
| Dr. | Output CGST A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 31/03/20 | To Balance c/d | 2,400 | 01/10/19 | By Bank A/c | 2,400 | ||
| 2,400 | 2,400 | ||||||
| Dr. | Output SGST A/c | Cr. | |||||
| Date | Particulars | J.F. | Amount | Date | Particulars | J.F. | Amount |
| 31/03/20 | To Balance c/d | 2,400 | 01/10/19 | By Bank A/c | 2,400 | ||
| 2,400 | 2,400 | ||||||
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