Samarth Manufacturing C. ltd, Aurangabad, purchased a new Machinery for ₹45,000 on 1t Jan 2015amd immediately spent ₹5,000 on its fixation and erection. In the same year 1st July additional Machinery costing ₹25,000 was purchased. On 1st July 2016 the Machinery purchased on 1st Jan 2015 became obsolete and was sold for ₹40,000 | You are required to prepare Machinery Account for the year 2014-15, 2015-16, 2016-17 |

Samarth Manufacturing C. ltd, Aurangabad, purchased a new Machinery for ₹45,000 on 1t Jan 2015amd immediately spent ₹5,000 on its fixation and erection. In the same year 1st July additional Machinery costing ₹25,000 was purchased. On 1st July 2016 the Machinery purchased on 1st Jan 2015 became obsolete and was sold for ₹40,000

Depreciation was provided for annually on 31st March at the rate of 10% per annum on fixed Instalment Method.


You are required to prepare Machinery Account for the year 2014-15, 2015-16, 2016-17.

Solution: /span>

Machinery Account
Date Particulars JF Amount Date Particulars JF Amount 
2015    2015    
1st
Jan 		To Cash/Bank  50,000 31st
March 		By Depreciation  1,250 
    31st
March 		By Balance c/d  48,750 
        
   75,000    75,000 
2015     2016    
1st
April 		By Balane b/d  48,750 31st
March 		By depreciation  6,875 
1st
July 		To Cash/Bank  25,000 31st
March 		By Balance c/d  66,875 

2016    2016    
1st
April 		To Balance b/d  66,875 1st
July 		By Depreciation   1,250 
    1st July By Cash/Bank   40,000 
    1st July By Loss on sale  2,500 
    2017
31st
March 		By Depreciation   2,500 
    31st
March 		By Balance c/d  20,625 
   66,875    66,875 
        
uber accident lawyer


Depreciation Calculator along with month and percentage

Comments

Post a Comment

Excitement surges as Prime Minister Narendra Modi inaugurates Atal Setu, India's longest sea-bridge, with an enticing announcement – toll rates set at just Rs 250 for a one-way trip and Rs 375 for a round trip in the first year! PM Modi's symbolic journey from INS Shikara in Colaba marked the grand commencement. In Navi Mumbai, he dedicated three pivotal infrastructure projects, laying the foundation stone for another. This Rs 21,200 crore investment plan, unfolding over five years, not only enhances Atal Setu's accessibility but also integrates the city's waterfronts with tunnels and flyovers.

Student Reviews

Very helpful for getting a solution. Thank you!

I like all your posts. You have done really good work. Thank you for the information you provide; it helped me a lot.

The answers are so perfect and proper 🌝

Nice explanation in full detail is very helpful.

It's very easy to learn.

Privacy Statement: We respect student privacy and do not share any personal information. Reviews are voluntarily provided to showcase genuine appreciation for our content.