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A manufacturing concern, whose books are closed on 31st March, purchased machinery for. 50,000 on 1st April 2010. Additional machinery was acquired for ? 10,000 on 1st Oct., 2011 and for 16.000 on 1st April 2014. Certain machinery purchased for * 10,000 on 1st April, 2010 was sold for 7 5.000 on 30th Sent 2013. Show the machinery account for five years writing off depreciation at 10% per annum on written down value.?
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A manufacturing concern, whose books are closed on 31st March, purchas...
Machinery Account for Five Years
Opening Balance
On 1st April 2010, machinery worth 50,000 was purchased.
Additions
On 1st Oct 2011, machinery worth 10,000 was acquired.
On 1st April 2014, machinery worth 16,000 was acquired.
Total Machinery = 50,000 + 10,000 + 16,000 = 76,000
Sales
On 30th Sept 2013, machinery worth 10,000 was sold for 7,500.
Depreciation
Depreciation is charged at 10% per annum on the written down value.
Calculation of Depreciation:
Year 1: 10% on 50,000 = 5,000
Written down value at the end of Year 1 = 50,000 - 5,000 = 45,000
Year 2: 10% on 45,000 = 4,500
Written down value at the end of Year 2 = 45,000 - 4,500 = 40,500
Year 3: 10% on 40,500 = 4,050
Written down value at the end of Year 3 = 40,500 - 4,050 = 36,450
Year 4: 10% on 36,450 = 3,645
Written down value at the end of Year 4 = 36,450 - 3,645 = 32,805
Year 5: 10% on 32,805 = 3,280.50
Written down value at the end of Year 5 = 32,805 - 3,280.50 = 29,524.50
Closing Balance
The closing balance of machinery on 31st March 2015 is the written down value at the end of Year 5, which is 29,524.50.
Therefore, the machinery account for five years can be summarized as follows:
Opening Balance - 50,000
Additions - 26,000
Total Machinery - 76,000
Less: Sales - 2,500
Depreciation - 20,480.50
Closing Balance - 29,524.50
Opening Balance
On 1st April 2010, machinery worth 50,000 was purchased.
Additions
On 1st Oct 2011, machinery worth 10,000 was acquired.
On 1st April 2014, machinery worth 16,000 was acquired.
Total Machinery = 50,000 + 10,000 + 16,000 = 76,000
Sales
On 30th Sept 2013, machinery worth 10,000 was sold for 7,500.
Depreciation
Depreciation is charged at 10% per annum on the written down value.
Calculation of Depreciation:
Year 1: 10% on 50,000 = 5,000
Written down value at the end of Year 1 = 50,000 - 5,000 = 45,000
Year 2: 10% on 45,000 = 4,500
Written down value at the end of Year 2 = 45,000 - 4,500 = 40,500
Year 3: 10% on 40,500 = 4,050
Written down value at the end of Year 3 = 40,500 - 4,050 = 36,450
Year 4: 10% on 36,450 = 3,645
Written down value at the end of Year 4 = 36,450 - 3,645 = 32,805
Year 5: 10% on 32,805 = 3,280.50
Written down value at the end of Year 5 = 32,805 - 3,280.50 = 29,524.50
Closing Balance
The closing balance of machinery on 31st March 2015 is the written down value at the end of Year 5, which is 29,524.50.
Therefore, the machinery account for five years can be summarized as follows:
Opening Balance - 50,000
Additions - 26,000
Total Machinery - 76,000
Less: Sales - 2,500
Depreciation - 20,480.50
Closing Balance - 29,524.50
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A manufacturing concern, whose books are closed on 31st March, purchas...
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A manufacturing concern, whose books are closed on 31st March, purchased machinery for. 50,000 on 1st April 2010. Additional machinery was acquired for ? 10,000 on 1st Oct., 2011 and for 16.000 on 1st April 2014. Certain machinery purchased for * 10,000 on 1st April, 2010 was sold for 7 5.000 on 30th Sent 2013. Show the machinery account for five years writing off depreciation at 10% per annum on written down value.?
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A manufacturing concern, whose books are closed on 31st March, purchased machinery for. 50,000 on 1st April 2010. Additional machinery was acquired for ? 10,000 on 1st Oct., 2011 and for 16.000 on 1st April 2014. Certain machinery purchased for * 10,000 on 1st April, 2010 was sold for 7 5.000 on 30th Sent 2013. Show the machinery account for five years writing off depreciation at 10% per annum on written down value.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about A manufacturing concern, whose books are closed on 31st March, purchased machinery for. 50,000 on 1st April 2010. Additional machinery was acquired for ? 10,000 on 1st Oct., 2011 and for 16.000 on 1st April 2014. Certain machinery purchased for * 10,000 on 1st April, 2010 was sold for 7 5.000 on 30th Sent 2013. Show the machinery account for five years writing off depreciation at 10% per annum on written down value.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A manufacturing concern, whose books are closed on 31st March, purchased machinery for. 50,000 on 1st April 2010. Additional machinery was acquired for ? 10,000 on 1st Oct., 2011 and for 16.000 on 1st April 2014. Certain machinery purchased for * 10,000 on 1st April, 2010 was sold for 7 5.000 on 30th Sent 2013. Show the machinery account for five years writing off depreciation at 10% per annum on written down value.?.
A manufacturing concern, whose books are closed on 31st March, purchased machinery for. 50,000 on 1st April 2010. Additional machinery was acquired for ? 10,000 on 1st Oct., 2011 and for 16.000 on 1st April 2014. Certain machinery purchased for * 10,000 on 1st April, 2010 was sold for 7 5.000 on 30th Sent 2013. Show the machinery account for five years writing off depreciation at 10% per annum on written down value.? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about A manufacturing concern, whose books are closed on 31st March, purchased machinery for. 50,000 on 1st April 2010. Additional machinery was acquired for ? 10,000 on 1st Oct., 2011 and for 16.000 on 1st April 2014. Certain machinery purchased for * 10,000 on 1st April, 2010 was sold for 7 5.000 on 30th Sent 2013. Show the machinery account for five years writing off depreciation at 10% per annum on written down value.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A manufacturing concern, whose books are closed on 31st March, purchased machinery for. 50,000 on 1st April 2010. Additional machinery was acquired for ? 10,000 on 1st Oct., 2011 and for 16.000 on 1st April 2014. Certain machinery purchased for * 10,000 on 1st April, 2010 was sold for 7 5.000 on 30th Sent 2013. Show the machinery account for five years writing off depreciation at 10% per annum on written down value.?.
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A manufacturing concern, whose books are closed on 31st March, purchased machinery for. 50,000 on 1st April 2010. Additional machinery was acquired for ? 10,000 on 1st Oct., 2011 and for 16.000 on 1st April 2014. Certain machinery purchased for * 10,000 on 1st April, 2010 was sold for 7 5.000 on 30th Sent 2013. Show the machinery account for five years writing off depreciation at 10% per annum on written down value.?, a detailed solution for A manufacturing concern, whose books are closed on 31st March, purchased machinery for. 50,000 on 1st April 2010. Additional machinery was acquired for ? 10,000 on 1st Oct., 2011 and for 16.000 on 1st April 2014. Certain machinery purchased for * 10,000 on 1st April, 2010 was sold for 7 5.000 on 30th Sent 2013. Show the machinery account for five years writing off depreciation at 10% per annum on written down value.? has been provided alongside types of A manufacturing concern, whose books are closed on 31st March, purchased machinery for. 50,000 on 1st April 2010. Additional machinery was acquired for ? 10,000 on 1st Oct., 2011 and for 16.000 on 1st April 2014. Certain machinery purchased for * 10,000 on 1st April, 2010 was sold for 7 5.000 on 30th Sent 2013. Show the machinery account for five years writing off depreciation at 10% per annum on written down value.? theory, EduRev gives you an
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