{"id":28176,"date":"2019-11-02T12:42:52","date_gmt":"2019-11-02T07:12:52","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=28176"},"modified":"2019-11-04T15:42:31","modified_gmt":"2019-11-04T10:12:31","slug":"important-questions-of-class-11-depreciation-provisions-and-reserves-accountancy","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/important-questions-of-class-11-depreciation-provisions-and-reserves-accountancy\/","title":{"rendered":"Important Questions of Class 11 Depreciation Provisions and Reserves Accountancy"},"content":{"rendered":"
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Important Questions of Class 11 Depreciation Provisions and Reserves Accountancy. <\/strong>myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is to keep, inspect and interpret financial accounts. There chapter wise Practice Questions with complete solutions are available for download in\u00a0myCBSEguide<\/a>\u00a0<\/strong>website and mobile app. These Practice Question with solution are prepared by our team of expert teachers who are teaching grade in CBSE schools for years. There are around 4-5 set of solved Accountancy Extra questions from each and every chapter. The students will not miss any concept in these Chapter wise question that are specially designed to tackle Exam. We have taken care of every single concept given in CBSE Class 11 Accountancy\u00a0<\/a><\/strong>syllabus and questions are framed as per the latest marking scheme and blue print issued by CBSE for class 11.<\/p>\n<\/div>\n<\/div>\n

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Class 11 Accountancy Extra Questions<\/strong><\/p>\n

Download as PDF<\/a><\/strong><\/p>\n

Extra Questions for Class 11 Accountancy Depreciation Provisions and Reserves<\/h2>\n

Depreciation Provisions and Reserves<\/strong><\/p>\n

\n
    \n
  1. Which method is approved by income tax authorities for charging depreciation?<\/li>\n
  2. Name the method that assumes that an asset should be depreciated more in the earlier years and less in later years of use.<\/li>\n
  3. Charging the whole cost of asset in the first year itself is not correct. Why?<\/li>\n
  4. Although, written down value method is based upon a more realistic assumption, it suffers from some limitations. Give any three such limitations.<\/li>\n
  5. Name and explain different type of reserves in details.<\/li>\n
  6. On 1st April 2014, merchant purchased furniture costing Rs.55,000. It is estimated that its life is 10 years at the end of which it will be sold Rs.5,000. Additions are made on 1st April 2015 and 1st October 2017 to the value of Rs.9,500 and Rs.8,400 (Residual values Rs.500 and Rs.400 respectively). Show the Furniture Account for the first four years, if Depreciation is written off according to the Straight Line Method.<\/li>\n
  7. From the following transactions of concern, prepare the Machinery Account for the year ending 31 st March, 2017 :
    \n\n\n\n\n\n\n\n
    1.4.17<\/td>\nPurchased a second – hand machinery for Rs.40,000<\/td>\n<\/tr>\n
    1.4.17<\/td>\nSpent Rs.10,000 on repairs for making it serviceable.<\/td>\n<\/tr>\n
    30.9.17<\/td>\nPurchased additional new machinery for Rs.20,000<\/td>\n<\/tr>\n
    31.12.17<\/td>\nRepairs and renewals of machinery Rs.3,000.<\/td>\n<\/tr>\n
    31.3.18<\/td>\nDepreciate the machinery at 10% per annum.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n
  8. A firm purchased on 1st January, 2010 a second-hand machinery for Rs.36,000 and spent Rs.4,000 on its installation.
    \nOn 1st July in the same year, another machinery costing Rs.20,000 was purchased. On 1st July, 2012 machinery brought on 1st January, 2010 was sold for Rs.12,000 and a new machine purchased for Rs.64,000 on the same date. Depreciation is provided annually on 31st December @ 10% per annum on the written down value method. Show the machinery account from 2010 to 2012.<\/li>\n
  9. A Company purchased a machine for Rs. 40,000 on April 1, 2014. On October 1, 2015 it was sold for Rs. 13,000. The company charges depreciation @ 10% p.a. on straight-line method. Show Machinery Account, Provision for Depreciation Account and Machinery Disposal account if books are closed on March 31 each year.<\/li>\n
  10. A firm purchased on 1st April 2015 certain machinery for Rs.5,82,000 and spent Rs.18,000 on its installation. On 1st October\u00a02015, additional machinery costing Rs.2,00,000 was purchased. On 1st October\u00a02017, the machinery purchased on 1st April\u00a02015 was auctioned for Rs.2,86,000 plus CGST and SGST @ 6% each and\u00a0new machinery for Rs.4,00,000, plus IGST @ 12% was purchased on the same date. Depreciation was provided annually on 31st March at the rate of 10% on the Written Down Value Method. Prepare the Machinery Account for the three years ended 31st March\u00a02018.<\/li>\n<\/ol>\n

    Depreciation Provisions and Reserves<\/strong><\/p>\n

    \n

    Answer<\/strong><\/p>\n

      \n
    1. Written Down value method.\u00a0Written-down value is the value of an asset after accounting for depreciation or amortization.<\/li>\n
    2. Written down value method. It is also known as Reducing Balance or Reducing the Installment Method or Diminishing Balance Method. Under this method, the depreciation is calculated at a certain fixed percentage each year on the decreasing book value commonly known as WDV of the asset (book value less depreciation).<\/li>\n
    3. Since this is not in conformity with the matching principle which requires revenues for a given period to be matched against expenses for the said period. The asset is used for more than one year. So the expenses of the depreciation also has to be charged for all those years, during which the asset is used.<\/li>\n
    4. Limitations of the\u00a0<\/strong>Written<\/strong> Down Value Method<\/strong>
      \nAlthough this method is based upon a more realistic assumption it suffers from the following limitations<\/p>\n
        \n
      1. It does not take into consideration the interest on capital invested in the asset.<\/li>\n
      2. It does not provide for the replacement of the asset on the expiry of its useful life.<\/li>\n
      3. The formula to obtain the rate of depreciation can be applied only when there is a residual value of the asset.<\/li>\n<\/ol>\n<\/li>\n
      4. Type of Reserves<\/strong>\n
          \n
        1. Revenue Reserves:-<\/strong>\u00a0The reserves created from revenue profits which arise out of the normal operating activities of the business and are otherwise freely available for distribution as dividend are known as revenue reserves.
          \nRevenue reserves can be classified into the following two types of reserves:-<\/p>\n
            \n
          1. General Reserve:-<\/strong>\u00a0As suggested by the name the\u00a0reserves which\u00a0are\u00a0not created for a specific purpose is general reserve. It strengthens the financial position of the business. It is also known as free reserve or contingency reserve.<\/li>\n
          2. Specific Reserve:-<\/strong> As suggested by the name, these are the reserves that are created for some specific purpose and can be utilized only for that purpose. e.g., Debenture\u00a0Redemption Reserve,\u00a0Workmen Compensation Fund,\u00a0Investment Fluctuation Fund etc.<\/li>\n<\/ol>\n<\/li>\n
          3. Capital Reserve:-<\/strong>\u00a0The reserves which are created out of capital profits and are not available for distribution as dividend are known as capital reserve. These reserves are kept to prepare the company for any unforeseen event like inflation, instability, need to expand the business.\u00a0Capital reserves can be used for writing off capital losses or issue of bonus shares in case of a company. Capital profit treated as capital reserves e.g. Premium on issue of securities,\u00a0Profit on redemption of debentures,\u00a0Profit on reissue of forfeited shares etc.<\/li>\n<\/ol>\n<\/li>\n
          4. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
            Dr.<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nCr.<\/strong><\/td>\n<\/tr>\n
            Date<\/strong><\/td>\nParticulars<\/strong><\/td>\nLF<\/strong><\/td>\nRs.<\/strong><\/td>\nDate<\/strong><\/td>\nParticulars<\/strong><\/td>\nLF<\/strong><\/td>\nRs.<\/strong><\/td>\n<\/tr>\n
            01.04.14<\/td>\nTo Bank A\/c – Cost<\/td>\n<\/td>\n55,000<\/td>\n31.03.15<\/td>\nBy Depreciation<\/td>\n<\/td>\n5,000<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n50,000<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n55,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n55,000<\/strong><\/td>\n<\/tr>\n
            01.04.15<\/td>\nTo Balance b\/d<\/td>\n<\/td>\n50,000<\/td>\n31.03.16<\/td>\nBy Depreciation A\/c<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            01.04.15<\/td>\nTo Bank A\/c (f2<\/sub>)<\/td>\n<\/td>\n9,500<\/td>\n<\/td>\n(5,000+900)<\/td>\n<\/td>\n5,900<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n31.03.16<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n53,600<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n59,500<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n59,500<\/strong><\/td>\n<\/tr>\n
            01.04.16<\/td>\nTo Balance b\/d<\/td>\n<\/td>\n53,600<\/td>\n31.03.17<\/td>\nBy Depreciation A\/c<\/td>\n<\/td>\n5,900<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n31.03.17<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n47,700<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n53,600<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n53,600<\/strong><\/td>\n<\/tr>\n
            01.04.17<\/td>\nTo Balance b\/d<\/td>\n<\/td>\n47,700<\/td>\n31.03.18<\/td>\nBy Depreciation A\/c<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            01.10.17<\/td>\nTo Bank A\/c (f3<\/sub>)<\/td>\n<\/td>\n8,400<\/td>\n<\/td>\n(5,900+400)<\/td>\n<\/td>\n6,300<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n31.03.18<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n49,800<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n56,100<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n56,100<\/strong><\/td>\n<\/tr>\n
            01.04.18<\/td>\nTo Balance b\/d<\/td>\n<\/td>\n49,800<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

            Depreciation = Total cost – scarp value \/ life of assets\u00a0 Total cost = Amount paid for machinery at the time of purchase. Scarp value = Sale value of machine at the time of sale\u00a0 Depreciation on 1st Furniture = cost 55,000 & scarp value 5,000 so deprication =\u00a0{tex}\\frac{{Rs.(55,000 – 5,000)}}{{10}}{\/tex}<\/span>\u00a0= Rs.5,000 per annum
            \nDepreciation on 2nd Furniture =\u00a0 cost 9,500 & scarp value 500\u00a0so deprication \u00a0 =\u00a0{tex}\\frac{{Rs.(9,500 – 500)}}{{10}}{\/tex}<\/span>\u00a0= Rs.900 per annum
            \nDepreciation on 3rd Furniture = cost 8400\u00a0& scarp value 400\u00a0so deprication =\u00a0{tex}\\frac{{Rs.(8,400 – 400)}}{{10}}{\/tex}<\/span>\u00a0= Rs.800 per annum<\/li>\n

          5. \n

            MACHINERY ACCOUNT<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n
            Dr.<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nCr.<\/strong><\/td>\n<\/tr>\n
            Date<\/strong><\/td>\nParticulars<\/strong><\/td>\nJ.F.<\/strong><\/td>\nRs.<\/strong><\/td>\nDate<\/strong><\/td>\nParticulars<\/strong><\/td>\nJ.F.<\/strong><\/td>\nRs.<\/strong><\/td>\n<\/tr>\n
            1.04.17<\/td>\nTo Bank A\/c – Cost<\/td>\n<\/td>\n40,000<\/td>\n31.3.18<\/td>\nBy Depreciation A\/c<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\nTo Bank A\/c – Repair<\/td>\n<\/td>\n10,000<\/td>\n<\/td>\n(5,000+1,000)<\/td>\n<\/td>\n6,000<\/td>\n<\/tr>\n
            30.09.17<\/td>\nTo Bank A\/c – Cost<\/td>\n<\/td>\n20,000<\/td>\n<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n64,000<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n70,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n70,000<\/strong><\/td>\n<\/tr>\n
            1.4.18<\/td>\nTo Balance b\/d<\/td>\n<\/td>\n64,000<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

            Amount of Dep on Machine 1 = (40,000+10,000)*10% = 5,000 Amount of Dep on Machine 2 = 20,000* 10%*6\/12 = 1,000 Repairs made on purchase of machinery is capitalised while repairs made afterwards will be debited to repairs account.<\/p>\n

             <\/li>\n

          6. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
            Dr<\/strong><\/th>\nMachinery Account<\/strong><\/th>\nCr<\/strong><\/th>\n<\/tr>\n
            Date<\/strong><\/th>\nParticulars<\/strong><\/th>\nJ.F.<\/strong><\/th>\nAmt (Rs.)<\/strong><\/th>\nDate<\/strong><\/th>\nParticulars<\/strong><\/th>\n<\/th>\nJ.F.<\/strong><\/th>\nAmt (Rs.)<\/strong><\/th>\n<\/tr>\n<\/thead>\n
            2010<\/td>\n<\/td>\n<\/td>\n<\/td>\n2010<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            Jan 1<\/td>\nTo Bank A\/c (Machine I)<\/td>\n<\/td>\n40,000<\/td>\nDec 31<\/td>\nBy Depreciation A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n(Rs. 36,000 + Rs. 4,000)<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0 \u00a0 Machine I<\/td>\n4,000<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            Jul 1<\/td>\nTo Bank A\/c (Machine II)<\/td>\n<\/td>\n20,000<\/td>\n<\/td>\n\u00a0 \u00a0 Machine II [(20,000*10%*)6\/12]<\/td>\n1,000<\/td>\n<\/td>\n5,000<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\nDec 31<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0 \u00a0 \u00a0Machine I (Rs. 40,000 -Rs.4,000)<\/td>\n36,000<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0 \u00a0 \u00a0Machine II (Rs. 20,000-Rs.1,000)<\/td>\n19,000<\/td>\n<\/td>\n55,000<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n60,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n60,000<\/strong><\/td>\n<\/tr>\n
            2011<\/td>\n<\/td>\n<\/td>\n<\/td>\n2011<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            Jan 1<\/td>\nTo Balance b\/d<\/td>\n<\/td>\n<\/td>\nDec 31<\/td>\nBy Depreciation A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n\u00a0 \u00a0 \u00a0 Machine I\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 36,000<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0 \u00a0 \u00a0Machine I<\/td>\n3,600<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n\u00a0 \u00a0 \u00a0Machine II\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a019,000<\/td>\n<\/td>\n55,000<\/td>\n<\/td>\n\u00a0 \u00a0 \u00a0Machine II<\/td>\n1,900<\/td>\n<\/td>\n5,500<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\nDec 31<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0 \u00a0 \u00a0Machine I (Rs.36,000-Rs.3,600)<\/td>\n32,400<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0 \u00a0 \u00a0Machine II(Rs.19,000-Rs.1,900)<\/td>\n17,100<\/td>\n<\/td>\n49,500<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n55,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n55,000<\/strong><\/td>\n<\/tr>\n
            2012<\/td>\n<\/td>\n<\/td>\n<\/td>\n2012<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            Jan 1<\/td>\nTo Balance b\/d<\/td>\n<\/td>\n<\/td>\nJul 1<\/td>\nBy Depreciation A\/c (Machine I)<\/td>\n<\/td>\n<\/td>\n1,620<\/td>\n<\/tr>\n
            <\/td>\n\u00a0 \u00a0 \u00a0 Machine I\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a032,400<\/td>\n<\/td>\n<\/td>\n<\/td>\nBy Bank A\/c<\/td>\n<\/td>\n<\/td>\n12,000<\/td>\n<\/tr>\n
            <\/td>\n\u00a0 \u00a0 \u00a0 Machine II\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 17,100<\/td>\n<\/td>\n49,500<\/td>\n<\/td>\nBy Profit and Loss A\/c (Loss) Rs.(32,400-1,620-12,000)<\/td>\n<\/td>\n<\/td>\n18,780<\/td>\n<\/tr>\n
            Jul 1<\/td>\nTo Bank A\/c (Machine III)<\/td>\n<\/td>\n64,000<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\nDec 31<\/td>\nBy Depreciation A\/c<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0 \u00a0 Machine II<\/td>\n1,710<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0 \u00a0 Machine III<\/td>\n3,200<\/td>\n<\/td>\n4,910<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\nDec 31<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0 \u00a0 Machine II |(Rs. 17,100-Rs. 1,710)<\/td>\n15,390<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n\u00a0 \u00a0 Machine III(Rs.64,000-Rs.3,200)<\/td>\n60,800<\/td>\n<\/td>\n76,190<\/td>\n<\/tr>\n
            <\/td>\n<\/td>\n<\/td>\n1,13,500<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n1,13,500<\/strong><\/td>\n<\/tr>\n
            2013<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            Jan 1<\/td>\nTo Balance b\/d<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n(Machine II)<\/td>\n<\/td>\n15,390<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
            <\/td>\n(Machine III)<\/td>\n<\/td>\n60,800<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

            Working Notes:-<\/p>\n

              \n
            1. Calculation of Depreciation on July 1,2012 on Machine I =\u00a0 (32,400*10%\u00a0)*6\/12 = 1,620<\/li>\n
            2. Calculation of Depreciation on Dec 31,2012 on Machine III = (64,000*10%)*6\/12 = 3,200<\/li>\n
            3. Depreciation is calculated on Balance or Book Value of the Machine because the\u00a0firm has adopted the Written Down Value of the Depreciation.<\/li>\n<\/ol>\n<\/li>\n
            4. \n

              Machinery Account<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n
              Date<\/strong><\/td>\nParticulars<\/strong><\/td>\nJ.F<\/strong><\/td>\nAmt(Rs.)<\/strong><\/td>\nDate<\/strong><\/td>\nParticulars<\/strong><\/td>\nJ.F.<\/strong><\/td>\nAmt(Rs.)<\/strong><\/td>\n<\/tr>\n
              2014<\/td>\n<\/td>\n<\/td>\n<\/td>\n2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Apr 1<\/td>\nTo Bank A\/c<\/td>\n<\/td>\n40,000<\/td>\nMar 31<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n40,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n40,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n40,000<\/strong><\/td>\n<\/tr>\n
              2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Apr 1<\/td>\nTo Balance\u00a0 b\/d<\/td>\n<\/td>\n40,000<\/td>\nOct 1<\/td>\nBy Machinery Disposal A\/c<\/td>\n<\/td>\n40,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n40,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n40,000<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Provision for Depreciation Account<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n
              Date<\/strong><\/td>\nParticulars<\/strong><\/td>\nJ.F<\/strong><\/td>\nAmt(Rs.)<\/strong><\/td>\nDate<\/strong><\/td>\nParticulars<\/strong><\/td>\nJ.F.<\/strong><\/td>\nAmt(Rs.)<\/strong><\/td>\n<\/tr>\n
              2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Mar 31<\/td>\nTo Balance\u00a0 c\/d<\/td>\n<\/td>\n4,000<\/td>\nMar 31<\/td>\nBy Depreciation A\/c<\/td>\n<\/td>\n4,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n4,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n4,000<\/strong><\/td>\n<\/tr>\n
              2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Oct 1<\/td>\nTo Machinery Disposal\u00a0 A\/c<\/td>\n<\/td>\n6,000<\/td>\nApr 1<\/td>\nBy Balance b\/d<\/td>\n<\/td>\n4,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n<\/td>\nOct 1<\/td>\nBy Depreciation A\/c<\/td>\n<\/td>\n2,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n6,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n6,000<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Machinery Disposal Account<\/strong><\/p>\n\n\n\n\n\n\n\n\n
              Date<\/strong><\/td>\nParticulars<\/strong><\/td>\nJ.F<\/strong><\/td>\nAmt(Rs.)<\/strong><\/td>\nDate<\/strong><\/td>\nParticulars<\/strong><\/td>\nJ.F.<\/strong><\/td>\nAmt(Rs.)<\/strong><\/td>\n<\/tr>\n
              2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n2015<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Oct 1<\/td>\nTo Machinery A\/c<\/td>\n<\/td>\n40,000<\/td>\nOct 1<\/td>\nBy Provision for Dep. A\/c<\/td>\n<\/td>\n6,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nBy Cash A\/c (sale value)<\/td>\n<\/td>\n13,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nBy Profit & Loss A\/c<\/td>\n<\/td>\n21,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n40,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n40,000<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Note : When provision for depreciation account is maintained the amount of depreciation to be provided in a particular year is debited to Profit & Loss A\/c and corresponding credited is given to Provision for Depreciation A\/c. The Asset A\/c appears in books at its original value and Provision for Depreciation appears on the Liability side of the balance sheet.<\/li>\n

            5. \n

              MACHINERY ACCOUNT<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              Dr.<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nCr.<\/strong><\/td>\n<\/tr>\n
              Date<\/strong><\/td>\nParticulars<\/strong><\/td>\nJ.F.<\/strong><\/td>\nRs.<\/strong><\/td>\nDate<\/strong><\/td>\nParticulars<\/strong><\/td>\nJ.F.<\/strong><\/td>\nRs.<\/strong><\/td>\n<\/tr>\n
              01.04.15<\/td>\nTo Bank A\/c – cost\u00a0 (M1<\/sub>)<\/td>\n<\/td>\n6,00,000<\/td>\n31.03.16<\/td>\nBy Depreciation A\/c<\/td>\n<\/td>\n70,000<\/td>\n<\/tr>\n
              01.10.15<\/td>\nTo Bank A\/c (M2<\/sub>)<\/td>\n<\/td>\n2,00,000<\/td>\n<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n7,30,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n8,00,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n8,00,000<\/strong><\/td>\n<\/tr>\n
              01.04.16<\/td>\nTo Balance b\/d<\/td>\n<\/td>\n7,30,000<\/td>\n31.03.17<\/td>\nBy Deprecation A\/c<\/td>\n<\/td>\n73,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n6,57,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n7,30,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n7,30,000<\/strong><\/td>\n<\/tr>\n
              01.04.17<\/td>\nTo Balance b\/d<\/td>\n<\/td>\n6,57,000<\/td>\n01.10.17<\/td>\nBy Cash A\/c<\/td>\n<\/td>\n2,86,000<\/td>\n<\/tr>\n
              01.10.17<\/td>\nTo Bank A\/c (M3<\/sub>)<\/td>\n<\/td>\n4,48,000<\/td>\n<\/td>\nBy Profit & Loss A\/c<\/td>\n<\/td>\n1,75,700<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n<\/td>\n31.03.18<\/td>\nBy Depreciation A\/c<\/td>\n<\/td>\n63,800<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\nBy Balance c\/d<\/td>\n<\/td>\n5,79,500<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n<\/td>\n11,05,000<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n11,05,000<\/strong><\/td>\n<\/tr>\n
              01.04.18<\/td>\nTo Balance b\/d<\/td>\n<\/td>\n5,79,500<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Working Notes:<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
              Particulars<\/strong><\/td>\nMachine I<\/b><\/td>\nMachine II<\/b><\/td>\nMachine III<\/b><\/td>\nTotal<\/strong><\/td>\n<\/tr>\n
              Cost (5,82,000+18,000)<\/td>\n6,00,000<\/td>\n2,00,000<\/td>\n4,48,000<\/td>\n<\/td>\n<\/tr>\n
              Less: Depreciation for 2015-16 @ 10%<\/td>\n-60,000<\/td>\n-10,000<\/td>\n0<\/td>\n70,000<\/td>\n<\/tr>\n
              W.D.V.<\/td>\n5,40,000<\/td>\n1,90,000<\/td>\n4,48,000<\/td>\n<\/td>\n<\/tr>\n
              Less: Depreciation for 2016-17 @ 10%<\/td>\n-54,000<\/td>\n-19,000<\/td>\n0<\/td>\n73,000<\/td>\n<\/tr>\n
              W.D.V.<\/td>\n4,86,000<\/td>\n1,71,000<\/td>\n4,48,000<\/td>\n<\/td>\n<\/tr>\n
              Less : Depreciation for 2017-18 @ 10%<\/td>\n-24,300<\/td>\n-17,100<\/td>\n-22,400<\/td>\n63,800<\/td>\n<\/tr>\n
              W.D.V.<\/td>\n4,61,700<\/td>\n1,53,900<\/td>\n4,25,600<\/td>\n<\/td>\n<\/tr>\n
              Less: Sale value<\/td>\n-2,86,000<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Loss on sale<\/td>\n1,75,700<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Depreciation is calculated by Diminishing value method so it is calculated on balance value of an asset\u00a0or written down value of asset not on the cost of the asset.\u00a0 GST paid on purchase of asset increase the cost of the asset.<\/li>\n<\/ol>\n

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              Class 11 Accountancy Chapter Wise Important Questions<\/h2>\n<\/div>\n
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                \n
              1. Introduction to accounting<\/a><\/li>\n
              2. Theory Base of Accounting<\/a><\/li>\n
              3. Recording of Transactions -I Vouchers, Journals & Ledgers<\/a><\/li>\n
              4. Recording of Transactions -II Cash Books & other Books<\/a><\/li>\n
              5. Bank Reconciliation Statement<\/a><\/li>\n
              6. Depreciation Provisions and Reserves<\/a><\/li>\n
              7. Bill of Exchange<\/a><\/li>\n
              8. Trial Balance and Rectification of Errors<\/a><\/li>\n
              9. Financial Statements -I Sole Proprietorship<\/a><\/li>\n
              10. Financial Statements -II Adjustments<\/a><\/li>\n
              11. Accounts from Incomplete Records<\/a><\/li>\n
              12. Computers in Accounting<\/a><\/li>\n
              13. Computerised Accounting System<\/a><\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                Important Questions of Class 11 Depreciation Provisions and Reserves Accountancy. myCBSEguide has just released Chapter Wise Question Answers for class 11. Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Accountancy describes the duties of an accountant, the person whose job is to keep, inspect … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1418,1346],"tags":[1872,1871,1839,1838,1833,1832],"class_list":["post-28176","post","type-post","status-publish","format-standard","hentry","category-accountancy","category-cbse","tag-cbse-class-11-accountancy","tag-chapter-wise-important-questions","tag-extra-questions","tag-important-questions","tag-latest-exam-questions","tag-practice-questions"],"yoast_head":"\nImportant Questions of Class 11 Depreciation Provisions and Reserves Accountancy<\/title>\n<meta name=\"description\" content=\"Important Questions of Class 11 Depreciation Provisions and Reserves Accountancy complete solutions are available for download in\u00a0myCBSEguide.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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