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Birla cotton Mills purchased a machinery …

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Birla cotton Mills purchased a machinery on 1stAugust ,2017 for `90,000. On 1st October 2018 it purchased another machine for `40,000. On 30th June 2019, it sold off the first machine purchased in 2017 for `58,000 and on the same date purchased a new machinery for `1,00,000. Depreciation is provided at 20 % p.a. on the original cost each year. Accounts are closed each year on 31stMarch . Show the Machinery Account for three years

Posted by Niranjan K.M 3 years, 7 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 3 years, 7 months ago

MACHINERY ACCOUNT

Dr.							Cr.
Date	Particulars		Amount ₹	Date	Particulars		Amount ₹
2017 Aug. 1	To Bank A/c		90,000	2018 Mar. 31	By Depreciation A/c (90000 {tex}\times{/tex} 20% {tex}\times{/tex} 8/12)		12,000
				Mar. 31	By Balance c/d		78,000
			90,000				90,000
2018 April 1	To Bank b/d		78,000	2019 Mar. 31	By Depreciation A/c
Oct. 1	To Bank A/c		40,000		(i) ₹90000 {tex}\times{/tex} 20%	18,000
					(ii) ₹(40000 {tex}\times{/tex} 20% {tex}\times{/tex} 6/12)	4,000	22,000
				Mar. 31	By Balance c/d
					(i) ₹	60,000
					(ii) ₹	36,000	96,000
			1,18,000				1,18,000
2019 April 1	To Balance b/d			2019 June 30	By Bank A/c		58,000
	(i)	60,000		June 30	By Depreciation A/c (90000 {tex}\times{/tex} 20% {tex}\times{/tex} 3 /12)		4,500
	(ii)	36,000	96,000
June 30	To Bank A/c		1,00,000	2020 Mar. 31	By Depreciation A/c
June 30	To Statement of Profit and Loss (Profit on machine ₹58,000 + 4,500 - 60,000		2,500		(i) ₹	8,000
					(ii) ₹	15,000	23,000
				Mar. 31	By Balance c/d		1,13,000
			1,98,500				1,98,500
2018 April 1	To Balance b/d		1,13,000

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