CA Foundation Exam > CA Foundation Questions > Journalise 2019 Jan 1 Purchased from Kasba Ir...
Start Learning for Free
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 ₹7200Jan 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.?
Most Upvoted Answer
Journalise 2019 Jan 1 Purchased from Kasba Iron Store, Katihar : Machi...
**Journal Entries**
Jan 1:
Machinery A/c Dr. ₹40000
Plant A/c Dr. ₹20000
Loose tools A/c Dr. ₹10000
To Kasba Iron Store A/c ₹70000
Jan 2:
Carriage A/c Dr. ₹800
Installation A/c Dr. ₹7200
To Bank A/c ₹8000
Jan 3:
Carriage A/c Dr. ₹400
Installation A/c Dr. ₹3600
To Bank A/c ₹4000
Jan 5:
Machinery A/c Dr. ₹700
Plant A/c Dr. ₹600
Loose tools A/c Dr. ₹50
To Bank A/c ₹1350
Jan 6:
Kasba Iron Store A/c Dr. ₹70000
To Bank A/c ₹70000
Jan 31:
Depreciation A/c Dr. ₹2333.33 (₹40000 x 24% x 31/365)
Depreciation A/c Dr. ₹1166.67 (₹20000 x 24% x 31/365)
Depreciation A/c Dr. ₹58.33 (₹10000 x 24% x 31/365)
To Machinery A/c ₹2333.33
To Plant A/c ₹1166.67
To Loose tools A/c ₹58.33
**Explanation**
- On Jan 1, the company purchased machinery, plant, and loose tools from Kasba Iron Store, Katihar for a total of ₹70000. Therefore, the journal entry is a debit to each respective asset account and a credit to the vendor's account.
- On Jan 2 and Jan 3, the company incurred expenses for the carriage and installation of the machinery and plant. These expenses are debited to their respective accounts and the bank account is credited for the total amount paid.
- On Jan 5, the company spent money on repairing the machinery, plant, and loose tools. These expenses are debited to their respective accounts and the bank account is credited for the total amount paid.
- On Jan 6, the final payment is made to Kasba Iron Store, Katihar via cheque. The vendor's account is debited and the bank account is credited for the total amount paid.
- On Jan 31, the company charges depreciation on the machinery, plant, and loose tools at a rate of 24% per annum. The depreciation expense is debited to the respective asset accounts and the depreciation account is credited for the total amount charged.
Note: The above journal entries are based on the assumption that the company follows the accrual basis of accounting.
Jan 1:
Machinery A/c Dr. ₹40000
Plant A/c Dr. ₹20000
Loose tools A/c Dr. ₹10000
To Kasba Iron Store A/c ₹70000
Jan 2:
Carriage A/c Dr. ₹800
Installation A/c Dr. ₹7200
To Bank A/c ₹8000
Jan 3:
Carriage A/c Dr. ₹400
Installation A/c Dr. ₹3600
To Bank A/c ₹4000
Jan 5:
Machinery A/c Dr. ₹700
Plant A/c Dr. ₹600
Loose tools A/c Dr. ₹50
To Bank A/c ₹1350
Jan 6:
Kasba Iron Store A/c Dr. ₹70000
To Bank A/c ₹70000
Jan 31:
Depreciation A/c Dr. ₹2333.33 (₹40000 x 24% x 31/365)
Depreciation A/c Dr. ₹1166.67 (₹20000 x 24% x 31/365)
Depreciation A/c Dr. ₹58.33 (₹10000 x 24% x 31/365)
To Machinery A/c ₹2333.33
To Plant A/c ₹1166.67
To Loose tools A/c ₹58.33
**Explanation**
- On Jan 1, the company purchased machinery, plant, and loose tools from Kasba Iron Store, Katihar for a total of ₹70000. Therefore, the journal entry is a debit to each respective asset account and a credit to the vendor's account.
- On Jan 2 and Jan 3, the company incurred expenses for the carriage and installation of the machinery and plant. These expenses are debited to their respective accounts and the bank account is credited for the total amount paid.
- On Jan 5, the company spent money on repairing the machinery, plant, and loose tools. These expenses are debited to their respective accounts and the bank account is credited for the total amount paid.
- On Jan 6, the final payment is made to Kasba Iron Store, Katihar via cheque. The vendor's account is debited and the bank account is credited for the total amount paid.
- On Jan 31, the company charges depreciation on the machinery, plant, and loose tools at a rate of 24% per annum. The depreciation expense is debited to the respective asset accounts and the depreciation account is credited for the total amount charged.
Note: The above journal entries are based on the assumption that the company follows the accrual basis of accounting.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Top Courses for CA FoundationView all
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 ₹7200Jan 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.?
Question Description
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 ₹7200Jan 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 ₹7200Jan 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 ₹7200Jan 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 ₹7200Jan 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 ₹7200Jan 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 ₹7200Jan 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 ₹7200Jan 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.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning 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 ₹7200Jan 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.? defined & explained in the simplest way possible. Besides giving the explanation 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 ₹7200Jan 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 ₹7200Jan 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 ₹7200Jan 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 ₹7200Jan 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.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup