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Question No 20 Chapter 8 – UNIMAX Class 12 Part 2 – 2021
20.the balance in equipment account and accumulated depreciation account as on march 31,2021 and 2022 are given below:
| Balance as at | March 31,2021 | March 31,2022 |
| Equipment | 65,00,000 | 78,70,000 |
| Accumulated depreciation | 10,80,000 | 16,32,000 |
The equipment costing 12,30,000 accumulated depreciations thereon 7,18,000 was sold for 4,68,000.
Required:
(i) Compute the amount of equipment purchased, depreciation charged for the year and loss on sale of equipment.
(ii) How each of the item related to the equipment will be reported in statement of cash flow.
The solution of Question No 20 Chapter 8 – UNIMAX Class 12 Part 2 – 2021: –
Equipment Account
| Particulars | ₹ | Particulars | ₹ |
| To balance b/d | 6,50,0000 | By bank A/c (in flow) (sale) | 4,68,000 |
| To bank A/c (out flow) | 2,60,0000 | By accumulated depreciation A/c | 7,18,000 |
| (Balancing figure) | (dep. on equipment sold) | ||
| (Equipment purchased) | By profit and A/c | 44,000 | |
| (Loss and sale of equipment | |||
| by balance c/d | 78,70,000 | ||
| 91,00,000 | 91,00,000 |
Accumulated depreciation a/c
| Particulars | ₹ | Particulars | ₹ |
| To equipment A/c | 7,18,000 | By balance b/d | 10,80,000 |
| (dep. on equipment sold) | |||
| To balance c/d | 16,32,000 | By profit and loss, A/c (B.F) | 12,70,000 |
| 23,50,000 | 23,50,000 |
Amount of equipment purchased = 26,00,000
Treatment of items:
(a) Purchased of equipment 26,00,000 as cash used for investing activities
(b) 12,70,000 depreciations charged will be added to net profit for computing cash flow from operating activities.
(c) Loss on sale of equipment 44,000 will be added to net profit for competing cash flow from operating activities.
(d) Cash from sale of equipment 4,68,000 is used investing activities.
End of Solution
Check Out the Solution of all questions for this chapter:
The solution to all questions of Chapter No. 8 – Cash Flow Statement Class 12 Unimax is shown as follows, click on the image of the question to get the solution.
Question No 03 Chapter 8 – UNIMAX Class 12 Part 2 – 2021
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Question No 15 Chapter 8 – UNIMAX Class 12 Part 2 – 2021
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Question No 27 Chapter 8 – UNIMAX Class 12 Part 2 – 2021
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Question No 39 Chapter 8 – UNIMAX Class 12 Part 2 – 2021
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Question No 52 Chapter 8 – UNIMAX Class 12 Part 2 – 2021
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UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions in each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.
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UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions in each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.
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Punjab School Education Board (PSEB) Solutions of Usha Publication.
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