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R. Kanitkar had purchased a machinery …

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R. Kanitkar had purchased a machinery for Rs1,00,000 on 1st October, 2016. Another machine was purchased for Rs60, 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 31st March. You are required to pass necessary Journal entries for the years ended on 31st March, 2017, 2018, and 2019 and now show machinery Account and machinery in the balance sheet: (1) when provision for depreciation account is not maintained (2) when provision for depreciation account is maintained

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CBSE > Class 11 > Accountancy

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Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

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