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A company whose accounting year is the calender year purchased a machinery on 1 st April 2014 for rupees 30000 .it purchased another machine on 1 st July 2015 for rupees 10000.on 1st january 2016,1/3rd part of the first machine was become useless and sold for rupees 3000.prepare machinery account in the books of the company .depreciation is provided at 10% per annum by straight line method .what will be the balance on mavhinery account on 1 st January 2017?
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A company whose accounting year is the calender year purchased a machi...
Calculation of Depreciation
Preparation of Machinery Account
Explanation:
- Depreciation on the first machine for the year 2014-15 = 10% of 30,000 = 3,000
- Depreciation on the first machine for the year 2015-16 = 10% of 30,000 = 3,000
- Depreciation on the second machine for the year 2015-16 = 10% of 10,000 = 1,000
- Total Depreciation for the year 2015-16 = 3,000 + 1,000 = 4,000
Preparation of Machinery Account
| Date | Particulars | Amount (Rs.) | Balance (Rs.) |
|---|---|---|---|
| 1/4/2014 | By Bank A/c | 30,000 | 30,000 |
| 1/7/2015 | By Bank A/c | 10,000 | 40,000 |
| 1/1/2016 | To Depreciation A/c | 4,000 | 36,000 |
| 1/1/2016 | To Sale of Machinery A/c | 10,000/3 = 3,333 | 32,667 |
| 1/1/2017 | To Depreciation A/c | 3,200 | 29,467 |
| Balance c/d | 29,467 |
Explanation:
- The company purchased the first machine on 1st April 2014 for Rs. 30,000 and the second machine on 1st July 2015 for Rs. 10,000.
- Depreciation is provided at 10% per annum by the straight-line method.
- Depreciation for the year 2014-15 and 2015-16 on the first machine was Rs. 3,000 each and on the second machine was Rs. 1,000.
- On 1st January 2016, 1/3rd part of the first machine became useless and was sold for Rs. 3,000.
- The machinery account is prepared and the balance on 1st January 2017 is Rs. 29,467.
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A company whose accounting year is the calender year purchased a machi...
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A company whose accounting year is the calender year purchased a machinery on 1 st April 2014 for rupees 30000 .it purchased another machine on 1 st July 2015 for rupees 10000.on 1st january 2016,1/3rd part of the first machine was become useless and sold for rupees 3000.prepare machinery account in the books of the company .depreciation is provided at 10% per annum by straight line method .what will be the balance on mavhinery account on 1 st January 2017?
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A company whose accounting year is the calender year purchased a machinery on 1 st April 2014 for rupees 30000 .it purchased another machine on 1 st July 2015 for rupees 10000.on 1st january 2016,1/3rd part of the first machine was become useless and sold for rupees 3000.prepare machinery account in the books of the company .depreciation is provided at 10% per annum by straight line method .what will be the balance on mavhinery account on 1 st January 2017? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about A company whose accounting year is the calender year purchased a machinery on 1 st April 2014 for rupees 30000 .it purchased another machine on 1 st July 2015 for rupees 10000.on 1st january 2016,1/3rd part of the first machine was become useless and sold for rupees 3000.prepare machinery account in the books of the company .depreciation is provided at 10% per annum by straight line method .what will be the balance on mavhinery account on 1 st January 2017? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A company whose accounting year is the calender year purchased a machinery on 1 st April 2014 for rupees 30000 .it purchased another machine on 1 st July 2015 for rupees 10000.on 1st january 2016,1/3rd part of the first machine was become useless and sold for rupees 3000.prepare machinery account in the books of the company .depreciation is provided at 10% per annum by straight line method .what will be the balance on mavhinery account on 1 st January 2017?.
A company whose accounting year is the calender year purchased a machinery on 1 st April 2014 for rupees 30000 .it purchased another machine on 1 st July 2015 for rupees 10000.on 1st january 2016,1/3rd part of the first machine was become useless and sold for rupees 3000.prepare machinery account in the books of the company .depreciation is provided at 10% per annum by straight line method .what will be the balance on mavhinery account on 1 st January 2017? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about A company whose accounting year is the calender year purchased a machinery on 1 st April 2014 for rupees 30000 .it purchased another machine on 1 st July 2015 for rupees 10000.on 1st january 2016,1/3rd part of the first machine was become useless and sold for rupees 3000.prepare machinery account in the books of the company .depreciation is provided at 10% per annum by straight line method .what will be the balance on mavhinery account on 1 st January 2017? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A company whose accounting year is the calender year purchased a machinery on 1 st April 2014 for rupees 30000 .it purchased another machine on 1 st July 2015 for rupees 10000.on 1st january 2016,1/3rd part of the first machine was become useless and sold for rupees 3000.prepare machinery account in the books of the company .depreciation is provided at 10% per annum by straight line method .what will be the balance on mavhinery account on 1 st January 2017?.
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