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Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.?
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Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machi...
Journal Entry:
Date | Particulars | Debit (₹) | Credit (₹)
01/01/2019 | Machinery A/c | 40000 |
01/01/2019 | Plant A/c | 20000 |
01/01/2019 | Loose Tools A/c | 10000 |
| | | 70000
02/01/2019 | Carriage Expenses A/c | 800 |
02/01/2019 | Installation Expenses A/c | 7200 |
| | | 8000
03/01/2019 | Carriage Expenses A/c | 400 |
03/01/2019 | Installation Expenses A/c | 3600 |
| | | 4000
05/01/2019 | Machinery Repair Expenses A/c | 700 |
05/01/2019 | Plant Repair Expenses A/c | 600 |
05/01/2019 | Loose Tools Repair Expenses A/c | 50 |
| | | 1350
06/01/2019 | Kasba Iron Store, Katihar A/c | | 78850
| | | 78850
31/01/2019 | Depreciation Expenses A/c | 2400 |
31/01/2019 | Depreciation Expenses A/c | 1200 |
31/01/2019 | Depreciation Expenses A/c | 600 |
| | | 4200
Explanation:
The journal entry records the purchase of machinery, plant and loose tools on January 1, 2019, from Kasba Iron Store, Katihar, for a total of ₹70,000.
On January 2 and January 3, expenses were incurred on carriage and installation of machinery and plant, respectively.
On January 5, expenses were incurred on repairing machinery, plant and loose tools.
On January 6, the final payment was made to Kasba Iron Store, Katihar, by cheque.
Depreciation is charged on machinery, plant and loose tools at the rate of 24% per annum. On January 31, the depreciation expense is recorded in the journal entry.
Heading and bullet points:
Journal Entry for the Purchase of Machinery, Plant and Loose Tools, and Other Related Expenses
- Purchased machinery, plant and loose tools from Kasba Iron Store, Katihar, for a total of ₹70,000
- Incurred expenses on carriage and installation of machinery and plant
- Incurred expenses on repairing machinery, plant and loose tools
- Made final payment to Kasba Iron Store, Katihar, by cheque
- Charged depreciation on machinery, plant and loose tools at the rate of 24% per annum
- Recorded the depreciation expense in the journal entry on January 31.
Date | Particulars | Debit (₹) | Credit (₹)
01/01/2019 | Machinery A/c | 40000 |
01/01/2019 | Plant A/c | 20000 |
01/01/2019 | Loose Tools A/c | 10000 |
| | | 70000
02/01/2019 | Carriage Expenses A/c | 800 |
02/01/2019 | Installation Expenses A/c | 7200 |
| | | 8000
03/01/2019 | Carriage Expenses A/c | 400 |
03/01/2019 | Installation Expenses A/c | 3600 |
| | | 4000
05/01/2019 | Machinery Repair Expenses A/c | 700 |
05/01/2019 | Plant Repair Expenses A/c | 600 |
05/01/2019 | Loose Tools Repair Expenses A/c | 50 |
| | | 1350
06/01/2019 | Kasba Iron Store, Katihar A/c | | 78850
| | | 78850
31/01/2019 | Depreciation Expenses A/c | 2400 |
31/01/2019 | Depreciation Expenses A/c | 1200 |
31/01/2019 | Depreciation Expenses A/c | 600 |
| | | 4200
Explanation:
The journal entry records the purchase of machinery, plant and loose tools on January 1, 2019, from Kasba Iron Store, Katihar, for a total of ₹70,000.
On January 2 and January 3, expenses were incurred on carriage and installation of machinery and plant, respectively.
On January 5, expenses were incurred on repairing machinery, plant and loose tools.
On January 6, the final payment was made to Kasba Iron Store, Katihar, by cheque.
Depreciation is charged on machinery, plant and loose tools at the rate of 24% per annum. On January 31, the depreciation expense is recorded in the journal entry.
Heading and bullet points:
Journal Entry for the Purchase of Machinery, Plant and Loose Tools, and Other Related Expenses
- Purchased machinery, plant and loose tools from Kasba Iron Store, Katihar, for a total of ₹70,000
- Incurred expenses on carriage and installation of machinery and plant
- Incurred expenses on repairing machinery, plant and loose tools
- Made final payment to Kasba Iron Store, Katihar, by cheque
- Charged depreciation on machinery, plant and loose tools at the rate of 24% per annum
- Recorded the depreciation expense in the journal entry on January 31.
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Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.?
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Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.?.
Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.?.
Solutions for Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.? in English & in Hindi are available as part of our courses for CA Foundation.
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Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.?, a detailed solution for Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.? has been provided alongside types of Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.? theory, EduRev gives you an
ample number of questions to practice Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machinery ₹40000, Plant ₹20000 and Loose tools of ₹10000.Jan 2 Expenses incurred on carriage and installation of Machinery : ₹800 and ₹7200.Jan 3 Expenses incurred on carriage and installation of Plant: ₹400 and ₹3600 .Jan 5 Spent on repairing : Machinery ₹700, Plant ₹600, Loose tools ₹50.Jan 6 Final Payment made by cheque to Kasba Iron Store, Katihar.Jan 31 Depreciation charged on : Machinery, Plant and Loose tools 24% per annum.? tests, examples and also practice CA Foundation tests.
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