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Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- on its erection on 1-4-2014 he purchased another machine worth 20000/-. On 31-12-2016, machinery purchased on 1-1-2013 become un suitable and sold for 5000/- prepare machinery account under fixed installment method, charging depreciation @ 10% p.a. on all. The machine up to 31-12-2016.?
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Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- ...
Preparation of Machinery Account under Fixed Installment Method
Given Information:
- On 1-1-2013, Shankar purchased a machine for 35,000/- and spent 5000/- on its erection.
- On 1-4-2014, he purchased another machine worth 20,000/-.
- On 31-12-2016, the machinery purchased on 1-1-2013 became unsuitable and was sold for 5000/-.
- Depreciation is charged at the rate of 10% p.a. on all machines.
Calculation of Depreciation:
- For the year ending 31-12-2013:
- Depreciation = 10% of 35,000 = 3,500
- Depreciation for 4 months on the second machine = 10% of 20,000 * 4/12 = 667
- For the year ending 31-12-2014:
- Depreciation = 10% of 35,000 = 3,500
- Depreciation for 12 months on the second machine = 10% of 20,000 = 2,000
- For the year ending 31-12-2015:
- Depreciation = 10% of 35,000 = 3,500
- Depreciation for 12 months on the second machine = 10% of 20,000 = 2,000
- For the year ending 31-12-2016:
- Depreciation = 10% of 35,000 = 3,500
- Depreciation for 12 months on the second machine = 10% of 20,000 = 2,000
- Depreciation on the sold machine = 10% of 35,000 * 3/12 = 875
Preparation of Machinery Account:
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| Opening Balance | 55,000 | ||
| 31-12-2013 | 3,500 | 31-12-2014 | 5,500 |
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Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- ...
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Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- on its erection on 1-4-2014 he purchased another machine worth 20000/-. On 31-12-2016, machinery purchased on 1-1-2013 become un suitable and sold for 5000/- prepare machinery account under fixed installment method, charging depreciation @ 10% p.a. on all. The machine up to 31-12-2016.?
Question Description
Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- on its erection on 1-4-2014 he purchased another machine worth 20000/-. On 31-12-2016, machinery purchased on 1-1-2013 become un suitable and sold for 5000/- prepare machinery account under fixed installment method, charging depreciation @ 10% p.a. on all. The machine up to 31-12-2016.? 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 Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- on its erection on 1-4-2014 he purchased another machine worth 20000/-. On 31-12-2016, machinery purchased on 1-1-2013 become un suitable and sold for 5000/- prepare machinery account under fixed installment method, charging depreciation @ 10% p.a. on all. The machine up to 31-12-2016.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- on its erection on 1-4-2014 he purchased another machine worth 20000/-. On 31-12-2016, machinery purchased on 1-1-2013 become un suitable and sold for 5000/- prepare machinery account under fixed installment method, charging depreciation @ 10% p.a. on all. The machine up to 31-12-2016.?.
Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- on its erection on 1-4-2014 he purchased another machine worth 20000/-. On 31-12-2016, machinery purchased on 1-1-2013 become un suitable and sold for 5000/- prepare machinery account under fixed installment method, charging depreciation @ 10% p.a. on all. The machine up to 31-12-2016.? 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 Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- on its erection on 1-4-2014 he purchased another machine worth 20000/-. On 31-12-2016, machinery purchased on 1-1-2013 become un suitable and sold for 5000/- prepare machinery account under fixed installment method, charging depreciation @ 10% p.a. on all. The machine up to 31-12-2016.? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- on its erection on 1-4-2014 he purchased another machine worth 20000/-. On 31-12-2016, machinery purchased on 1-1-2013 become un suitable and sold for 5000/- prepare machinery account under fixed installment method, charging depreciation @ 10% p.a. on all. The machine up to 31-12-2016.?.
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Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- on its erection on 1-4-2014 he purchased another machine worth 20000/-. On 31-12-2016, machinery purchased on 1-1-2013 become un suitable and sold for 5000/- prepare machinery account under fixed installment method, charging depreciation @ 10% p.a. on all. The machine up to 31-12-2016.?, a detailed solution for Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- on its erection on 1-4-2014 he purchased another machine worth 20000/-. On 31-12-2016, machinery purchased on 1-1-2013 become un suitable and sold for 5000/- prepare machinery account under fixed installment method, charging depreciation @ 10% p.a. on all. The machine up to 31-12-2016.? has been provided alongside types of Shankar purchased a machine on 1-1-2013 for 35,000/- and spent 5000/- on its erection on 1-4-2014 he purchased another machine worth 20000/-. On 31-12-2016, machinery purchased on 1-1-2013 become un suitable and sold for 5000/- prepare machinery account under fixed installment method, charging depreciation @ 10% p.a. on all. The machine up to 31-12-2016.? theory, EduRev gives you an
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