CBSE > Class 11 > Accountancy | CBSE Board | Homework Help

In the double-entry system, transactions are recorded in terms of debits and credits. Since a debit in one account offsets a credit in another, the sum of all debits must equal the sum of all credits.

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On 1st April, 2014, Veeru Ltd. purchased a machinery for Rs. 2,50,000 and spent rs. 50,000 on its installation. On 1st July, 2016 1/3rd of machinery purchased on 1st April, 2014 was sold for Rs. 15,000 and a new machinery at the cost of Rs. 2,00,000 was purchased on the same date. The company has adopted the method of providing depreciation @ 15% p.a. on straight line method. Show the machinery account, provision for depreciation account and machinery disposal account for three years ended on 31st March, 2015 to 31st March, 2017.

Posted by Sejal Kotasthane 4 years, 2 months ago

CBSE > Class 11 > Accountancy

1 answers

Sia ? 4 years, 2 months ago

MACHINERY ACCOUNT

Dr.					Cr.
Date	Particulars	Amount ₹	Date	Particulars	Amount ₹
2014 April 1	To Bank A/c	2,50,000
April 1	To Bank A/c (Installation Exp.)	50,000	2015 Mar. 31	By Balance c/d	3,00,000
		3,00,000			3,00,000
2015 April 1	To Balance b/d	3,00,000	2016 Mar. 31	By Balance c/d	3,00,000
		3,00,000			3,00,000
2016 April 1	To Balance b/d	3,00,000	2016 July 1	By Machinery Disposal A/c	1,00,000
2016 July 1	To Bank A/c	2,00,000	2017 Mar. 31	By Balance c/d	4,00,000
		5,00,000			5,00,000

PROVISION FOR DEPRECIATION ACCOUNT

Dr.					Cr.
Date	Particulars	Amount ₹	Date	Particulars	Amount ₹
2015 Mar 31	To Balance c/d	45,000	2015 Mar. 31	By Depreciation A/c	45,000
		45,000			45,000
2016 Mar. 31	To Bank c/d	90,000	2015 April 1	By Balance b/d	45,000
			2016 Mar. 31	By Depreciation A/c	45,000
		90,000			90,000
2016 July 1	To Machinery Disposal A/c	33,750	2016 April 1	By Balance b/d	90,000
2017 Mar. 31	To Balance c/d	1,12,500	July 1	By Depreciation A/c	3,750
			Mar. 31	By Depreciation A/c	52,500
		1,46,250			1,46,250

MACHINERY DISPOSAL ACCOUNT

Dr.					Cr.
Date	Particulars	Amount ₹	Date	Particulars	Amount ₹
2016 July 1	To Machinery A/c	1,00,000	2016 July 1	By Provision for Depreciation A/c	33,750
			July 1	By Bank A/c	15,000
			July 1	By Statement of Profit & Loss (Loss on sale)	51,250
		1,00,000			1,00,000

Working Notes:

(1)	Calculation of loss on sale of machinery:	₹
	Original Cost of {tex}\frac{1}{3}{/tex}rd machinery as on 1st April, 2014	1,00,000
	Less : Depreciation @ 15% p.a. for 2 years 3 months on original cost method	33,750
	Book Value as on 1st July, 2016	66.250
	Less: Sale proceeds	15.000
	Loss on sale	51.250
(2)	Depreciation on unsold machinery for the year 2016-17 :
	On old machinery of ₹2,00,000 for 1 year	30.000
	On new machinery of ₹2,00,000 for 9 months	22.500
		52.500

Depreciation is charged @ 10% each year on origial value of asset each year i.e., same amount of depreciation charged each year.If some expenses are incur while purchasing asset the it is capitalised in value of asset.

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ANSWER

shai is depreciation

Posted by Yash Gupta 4 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Which of the following is treated as an asset

Posted by Shahida Gain 4 years, 2 months ago

CBSE > Class 11 > Accountancy

1 answers

Preeti Dabral 4 years, 2 months ago

Where are the options?

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ANSWER

Accounting principles nites please

Posted by Aman Dhanjal 4 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Paid 11000 for its overhauling and 5000 for its installation which was completed on another date

Posted by Krishna Jindal 4 years, 2 months ago

CBSE > Class 11 > Accountancy

1 answers

Preeti Dabral 4 years, 2 months ago

Please complete your question.

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ANSWER

Characteristics of GST any 5 (small and understandable)

Posted by Shiv Sankar Shil 4 years, 2 months ago

CBSE > Class 11 > Accountancy

1 answers

Priya Singh 4 years, 2 months ago

Characteristics of GST are 1. It is a comprehisive indirect tax 2. It can be collected by a registered taxpayer 3. It is a value added tax 4. It is a destination based tax 5. It is a supply based tax

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accounts project class 11 story transactions pdf

Posted by Komal Komal 4 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Paid cash to Kamlesh – Rs. 15,000

Posted by Adarsh Sapkar 4 years, 2 months ago

CBSE > Class 11 > Accountancy

2 answers

Riya Bisht 4 years, 2 months ago

Kamlesh a/c Dr.. 15000 To cash a/c 15000

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Santoshi Verma 4 years, 2 months ago

Kamlesh a/c dr.. 15000 To cash a/c 15000

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ANSWER

ACCOUNTS PROJECT 15-20 TRANSACTION STORY TYPE

Posted by Shruti Choudhary 4 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

On 1st April X SOLD goods to Y

Posted by Keshav Goyal 4 years, 2 months ago

CBSE > Class 11 > Accountancy

2 answers

Riya Bisht 4 years, 2 months ago

1April Y a/c Dr.. xxx To sales a/c xxx

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Sia ? 4 years, 2 months ago

Please complete your question.

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ANSWER

What do you mean by accounting principles

Posted by Jeet Vekariya 4 years, 2 months ago

CBSE > Class 11 > Accountancy

2 answers

Riya Bisht 4 years, 2 months ago

The accounting principles are rules and regulations whose help to maintain systematic records

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Ayush Gupta 4 years, 2 months ago

How to payment in gst

5Thank You

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Project for account

Posted by Anshu Sharma 4 years, 2 months ago

CBSE > Class 11 > Accountancy

1 answers

Vikas Thakur 4 years, 2 months ago

How can make project file on principles of account

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Meaning of ledger as per accountancy.

Posted by Prarthana Mittal 4 years, 2 months ago

CBSE > Class 11 > Accountancy

2 answers

Riya Bisht 4 years, 2 months ago

Ledger is a book of in posting by help of journal entries

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Divyanshi Sharma 4 years, 2 months ago

Ledger is a book of secondary entry or final entry .

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purchase furniture for rupees 400000 on 1st january 2016. another furniture purchased on 1st October 2016 for rs.600000. 1st furniture was sold on 31st march 2018 for rs.200000. prepare furniture account using 10%WDV

Posted by Dhruvi Jain 4 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Krish started a business on 1st July 2020 with a capital of Rs.4,00,000 and a bank loan of Rs.1,00,000. On 1st December 2020 he introduced additional capital of Rs.80,000. His drawings at the end of the year were Rs.10,000. Profit earned by the firm disclosed on 31st March 2021 was Rs.38,000. Total Assets of the firm on 31st March 2021 were: (a) 6,08,000 (b) 5,08,000 (c) 6,00,000 (d) 5,98,000

Posted by Suryakanta Mandal 4 years, 2 months ago

CBSE > Class 11 > Accountancy

3 answers

Aman Gupta 4 years, 2 months ago

By accounting equation , it should be a)6,08,000

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Ayush Jha 4 years, 2 months ago

I think all options are wrong Correct answer is 4,08,000

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Krish Limbu 4 years, 2 months ago

6,08,000

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ANSWER

Muje term 1 ke liye paper chahiye google m koi website h kya jah say m Sare subject ki paper le saku class 11 commerce please bta dena please????

Posted by Krazy Girl 4 years, 2 months ago

CBSE > Class 11 > Accountancy

1 answers

Miss Bhumi 4 years, 2 months ago

Same dude

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ANSWER

Goods purchased from pankaj on credit

Posted by Lakshika Yadav 3 years, 1 month ago

CBSE > Class 11 > Accountancy

2 answers

Divyanshi Sharma 4 years, 2 months ago

Purchases A/Cvdr. To Pankaj A/C

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Dhruvi Jain 4 years, 2 months ago

Purchase A/C dr. To PankajA/C

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ANSWER

Purchased goods for cash from Govind for rs6000 at 20% trade discount

Posted by Mohit Ranguri 4 years, 2 months ago

CBSE > Class 11 > Accountancy

2 answers

Aryan Kumawat 4 years, 2 months ago

20% of 6000 = 1200 Also trade discount in not recorded in the books of accounts Therefore the journal entry will be Purchases dr. 4800 To cash. 4800 Also here Govind will not be credited as it's a cash transaction

1Thank You

Sampada Kumar 4 years, 2 months ago

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Pass the necessary Journal entries for the following transactions: 1.) Deposited in bank for opening a Current Account ₹10,000. 2.) Withdrawn from bank ₹5,000. 3.) Received a cheque from Ramesh to whom goods were sold for ₹12,000 last year. Allowed him 1% discount on payment. 4.) Ramesh's cheque deposited in bank. 5.) Ramesh's cheque dishonoured (bank charges ₹20). 6.) Ramesh settled his account by issuing cheque including ₹60 for interest ₹12,080. 7.) Cash directly deposited by Raja (Customer) in bank account ₹8,000. 8.) Bank draft got issued in favour of M/s Lal & Sons ₹5,000. Bank charges ₹700. 9.) A bill of exchange of ₹4,000 (due after one month) discounted from bank for ₹3,800. 10.) Bank charges debited by bank ₹400. 11.) Goods sold for cash ₹7,000 and half of the sale proceeds deposited in bank.

Posted by Rachit Panchal 4 years, 2 months ago

CBSE > Class 11 > Accountancy

1 answers

Tanveer Zaidi 4 years, 2 months ago

Bank A/c dr. 10,000 To cash A/c. 10,000 Cash A/c dr. 5,000 To Bank A/c. 5,000 Cheque in hand A/c dr. 11,880 Dis. Allowed A/c. dr. 120 To Ramesh's A/c. 12,000 Bank A/c dr. 11880 To cheque in hand A/c. 11,880 Bank charges a/c dr. 20 To Bank A/c. 20 Ramesh's a/c. dr. 12020 To cheque in hand a/c. 11880 To dis. Allowed a/c. 120 To Bank charges a/c. 20 Bank a/c dr. 12080 To Ramesh's A/c. 12020 To INterest's a/c. 60 Bank a/c. Dr. 8,000 To Raja's a/c. 8,000 M/s Lal and sons a/c. dr. 5,000 Bank charges a/c. Dr. 700 To Bank a/c. 5,700 Bank a/c dr. 3,800 Dis. Charges a/c dr. 200 To Bills receiveable a/c. 4,000 Bank charges a/c. Dr. 400 To Bank a/c. 400 Bank a/c dr. 3,500 Cash a/c. Dr. 3,500 To Sales a/c. 7,000

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If bank balance as per cash book is ₹50000 cheques issued but not presented for payment of ₹6000 and bank charges of ₹400 were not entered in the cash book,then bank balance as per pass books will be

Posted by Saksham Khandelwal 4 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Received from krishna Allowed him discount

Posted by Anushka Rai 4 years, 2 months ago

CBSE > Class 11 > Accountancy

1 answers

Tanveer Zaidi 4 years, 2 months ago

Cash a/c dr. Dis. Allowed dr. To Krishna a/c

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ANSWER

Practical problems 22

Posted by Karan Dhiman 4 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

Notes on special purpose book 1 cash book

Posted by Suman Gill 4 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

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Accountancy chapter 11 illustration 1,2&3

Posted by Prajapati ? Prajapati ? 4 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

I need 30 transaction . Journal entries ledger and trial balance

Posted by Anuj Negi 4 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

How posting of ledger

Posted by Nisha Bisht 4 years, 2 months ago

CBSE > Class 11 > Accountancy

0 answers

ANSWER

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