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On 1st January 1996 machinery was purchased for rupees 2250000. On 1st june 1997 additions were made by purchasing a machinery for rupees 50000. On 1st March 1998 another machinery was purchased for rupees 32000. On 30th june 1999 machinery of the original value of rupees 40000 on 1 January 1996 was sold for rupees 30000. Depreciation is charged at 10% on original cost. Show the machinery account for the year 1996 to 1999 closing the accounts on 31sr December each year.?
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On 1st January 1996 machinery was purchased for rupees 2250000. On 1st...
Machinery Account for the Years 1996 to 1999
Year 1996
Year 1997
Year 1998
Year 1999
Explanation:
The machinery account is a ledger account that records all transactions related to the purchase, sale, and depreciation of machinery. In this case, the machinery account has been created for the years 1996 to 1999.
The account starts with an opening balance of Rs. 0 in the year 1996. On 1st January 1996, machinery was purchased for Rs. 22,50,000. Depreciation at 10% was charged on the original cost, which amounted to Rs. 2,25,000. This resulted in a closing balance of Rs. 20,25,000 for the year 1996.
In the year 1997, the opening balance was Rs. 20,25,000. Additions were made to the machinery by purchasing another machine for Rs. 50,000 on 1st June. Depreciation at 10% was charged on the opening balance and the addition, which resulted in a closing balance of Rs. 18,72,500.
In the year 1998, the opening balance was Rs. 18,72,500. Another machine was purchased for Rs. 32,000 on 1st March. Depreciation at 10% was charged on the opening balance and the addition, resulting in a closing balance of Rs. 17,14,250.
In the year 1999, the opening balance was Rs. 17,14,250. A machine with an original value of Rs. 40,000 was sold for Rs. 30,000 on 30th June. Depreciation
Year 1996
- Opening Balance: Rs. 0
- Purchase of Machinery on 1st January: Rs. 22,50,000
- Depreciation at 10%: Rs. 2,25,000
- Closing Balance: Rs. 20,25,000
Year 1997
- Opening Balance: Rs. 20,25,000
- Purchase of Machinery on 1st June: Rs. 50,000
- Depreciation at 10%: Rs. 2,02,500
- Closing Balance: Rs. 18,72,500
Year 1998
- Opening Balance: Rs. 18,72,500
- Purchase of Machinery on 1st March: Rs. 32,000
- Depreciation at 10%: Rs. 1,90,250
- Closing Balance: Rs. 17,14,250
Year 1999
- Opening Balance: Rs. 17,14,250
- Sale of Machinery on 30th June: Rs. 30,000
- Depreciation at 10%: Rs. 1,71,425
- Closing Balance: Rs. 15,54,825
Explanation:
The machinery account is a ledger account that records all transactions related to the purchase, sale, and depreciation of machinery. In this case, the machinery account has been created for the years 1996 to 1999.
The account starts with an opening balance of Rs. 0 in the year 1996. On 1st January 1996, machinery was purchased for Rs. 22,50,000. Depreciation at 10% was charged on the original cost, which amounted to Rs. 2,25,000. This resulted in a closing balance of Rs. 20,25,000 for the year 1996.
In the year 1997, the opening balance was Rs. 20,25,000. Additions were made to the machinery by purchasing another machine for Rs. 50,000 on 1st June. Depreciation at 10% was charged on the opening balance and the addition, which resulted in a closing balance of Rs. 18,72,500.
In the year 1998, the opening balance was Rs. 18,72,500. Another machine was purchased for Rs. 32,000 on 1st March. Depreciation at 10% was charged on the opening balance and the addition, resulting in a closing balance of Rs. 17,14,250.
In the year 1999, the opening balance was Rs. 17,14,250. A machine with an original value of Rs. 40,000 was sold for Rs. 30,000 on 30th June. Depreciation
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On 1st January 1996 machinery was purchased for rupees 2250000. On 1st...
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On 1st January 1996 machinery was purchased for rupees 2250000. On 1st june 1997 additions were made by purchasing a machinery for rupees 50000. On 1st March 1998 another machinery was purchased for rupees 32000. On 30th june 1999 machinery of the original value of rupees 40000 on 1 January 1996 was sold for rupees 30000. Depreciation is charged at 10% on original cost. Show the machinery account for the year 1996 to 1999 closing the accounts on 31sr December each year.?
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On 1st January 1996 machinery was purchased for rupees 2250000. On 1st june 1997 additions were made by purchasing a machinery for rupees 50000. On 1st March 1998 another machinery was purchased for rupees 32000. On 30th june 1999 machinery of the original value of rupees 40000 on 1 January 1996 was sold for rupees 30000. Depreciation is charged at 10% on original cost. Show the machinery account for the year 1996 to 1999 closing the accounts on 31sr December each year.? 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 On 1st January 1996 machinery was purchased for rupees 2250000. On 1st june 1997 additions were made by purchasing a machinery for rupees 50000. On 1st March 1998 another machinery was purchased for rupees 32000. On 30th june 1999 machinery of the original value of rupees 40000 on 1 January 1996 was sold for rupees 30000. Depreciation is charged at 10% on original cost. Show the machinery account for the year 1996 to 1999 closing the accounts on 31sr December each year.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 1st January 1996 machinery was purchased for rupees 2250000. On 1st june 1997 additions were made by purchasing a machinery for rupees 50000. On 1st March 1998 another machinery was purchased for rupees 32000. On 30th june 1999 machinery of the original value of rupees 40000 on 1 January 1996 was sold for rupees 30000. Depreciation is charged at 10% on original cost. Show the machinery account for the year 1996 to 1999 closing the accounts on 31sr December each year.?.
On 1st January 1996 machinery was purchased for rupees 2250000. On 1st june 1997 additions were made by purchasing a machinery for rupees 50000. On 1st March 1998 another machinery was purchased for rupees 32000. On 30th june 1999 machinery of the original value of rupees 40000 on 1 January 1996 was sold for rupees 30000. Depreciation is charged at 10% on original cost. Show the machinery account for the year 1996 to 1999 closing the accounts on 31sr December each year.? 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 On 1st January 1996 machinery was purchased for rupees 2250000. On 1st june 1997 additions were made by purchasing a machinery for rupees 50000. On 1st March 1998 another machinery was purchased for rupees 32000. On 30th june 1999 machinery of the original value of rupees 40000 on 1 January 1996 was sold for rupees 30000. Depreciation is charged at 10% on original cost. Show the machinery account for the year 1996 to 1999 closing the accounts on 31sr December each year.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On 1st January 1996 machinery was purchased for rupees 2250000. On 1st june 1997 additions were made by purchasing a machinery for rupees 50000. On 1st March 1998 another machinery was purchased for rupees 32000. On 30th june 1999 machinery of the original value of rupees 40000 on 1 January 1996 was sold for rupees 30000. Depreciation is charged at 10% on original cost. Show the machinery account for the year 1996 to 1999 closing the accounts on 31sr December each year.?.
Solutions for On 1st January 1996 machinery was purchased for rupees 2250000. On 1st june 1997 additions were made by purchasing a machinery for rupees 50000. On 1st March 1998 another machinery was purchased for rupees 32000. On 30th june 1999 machinery of the original value of rupees 40000 on 1 January 1996 was sold for rupees 30000. Depreciation is charged at 10% on original cost. Show the machinery account for the year 1996 to 1999 closing the accounts on 31sr December each year.? in English & in Hindi are available as part of our courses for B Com.
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