Class 11 Exam > Class 11 Questions > 12. On 1st April, 2010. Plant and Machinery w...
Start Learning for Free
12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year?
Most Upvoted Answer
12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000...
Plant and Machinery Account
Year 2010-2011:
- Plant and Machinery purchased on 1st April, 2010: 1,20,000
- Depreciation for 9 months (April to December 2010) at 10%: (1,20,000 * 10% * 9/12) = 9,000
- New machinery purchased on 1st October, 2010: 50,000
- Depreciation for 6 months (October 2010 to March 2011) at 10%: (50,000 * 10% * 6/12) = 2,500
- New machinery purchased on 1st July, 2011: 25,000
- No depreciation for the machinery purchased in July 2011 as it was purchased in the same accounting year.
Total depreciation for the year 2010-2011: 9,000 + 2,500 = 11,500
Year 2011-2012:
- No additional purchases or sales of machinery.
- Depreciation for the year at 10%: (1,20,000 + 50,000 + 25,000) * 10% = 19,500
Year 2012-2013:
- Machinery sold on 1st January, 2013: 20,000
- Depreciation for 9 months (April 2012 to December 2012) at 10%: (1,20,000 + 50,000 + 25,000) * 10% * 9/12 = 16,875
- Depreciation for the machinery sold: 20,000 * 10% * 9/12 = 1,500
Total depreciation for the year 2012-2013: 16,875 + 1,500 = 18,375
Plant and Machinery Account Calculation:
- Opening balance (1st April, 2010): 1,20,000
- Add: Purchases during the year (1st October, 2010 and 1st July, 2011): 50,000 + 25,000 = 75,000
- Less: Depreciation for the year 2010-2011: 11,500
- Less: Depreciation for the year 2011-2012: 19,500
- Less: Depreciation for the year 2012-2013: 18,375
- Less: Sale of machinery on 1st January, 2013: 6,000
Closing balance (31st March, 2013): 1,20,000 + 75,000 - 11,500 - 19,500 - 18,375 - 6,000 = 1,40,625
Therefore, the Plant and Machinery Account will have a closing balance of 1,40,625 on 31st March, 2013, after providing depreciation at 10% per annum on Straight Line Method.
Year 2010-2011:
- Plant and Machinery purchased on 1st April, 2010: 1,20,000
- Depreciation for 9 months (April to December 2010) at 10%: (1,20,000 * 10% * 9/12) = 9,000
- New machinery purchased on 1st October, 2010: 50,000
- Depreciation for 6 months (October 2010 to March 2011) at 10%: (50,000 * 10% * 6/12) = 2,500
- New machinery purchased on 1st July, 2011: 25,000
- No depreciation for the machinery purchased in July 2011 as it was purchased in the same accounting year.
Total depreciation for the year 2010-2011: 9,000 + 2,500 = 11,500
Year 2011-2012:
- No additional purchases or sales of machinery.
- Depreciation for the year at 10%: (1,20,000 + 50,000 + 25,000) * 10% = 19,500
Year 2012-2013:
- Machinery sold on 1st January, 2013: 20,000
- Depreciation for 9 months (April 2012 to December 2012) at 10%: (1,20,000 + 50,000 + 25,000) * 10% * 9/12 = 16,875
- Depreciation for the machinery sold: 20,000 * 10% * 9/12 = 1,500
Total depreciation for the year 2012-2013: 16,875 + 1,500 = 18,375
Plant and Machinery Account Calculation:
- Opening balance (1st April, 2010): 1,20,000
- Add: Purchases during the year (1st October, 2010 and 1st July, 2011): 50,000 + 25,000 = 75,000
- Less: Depreciation for the year 2010-2011: 11,500
- Less: Depreciation for the year 2011-2012: 19,500
- Less: Depreciation for the year 2012-2013: 18,375
- Less: Sale of machinery on 1st January, 2013: 6,000
Closing balance (31st March, 2013): 1,20,000 + 75,000 - 11,500 - 19,500 - 18,375 - 6,000 = 1,40,625
Therefore, the Plant and Machinery Account will have a closing balance of 1,40,625 on 31st March, 2013, after providing depreciation at 10% per annum on Straight Line Method.
Attention Class 11 Students!
To make sure you are not studying endlessly, EduRev has designed Class 11 study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Class 11.
|
Explore Courses for Class 11 exam
|
|
Similar Class 11 Doubts
Top Courses for Class 11View all
12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year?
Question Description
12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about 12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year?.
12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about 12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year?.
Solutions for 12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year? in English & in Hindi are available as part of our courses for Class 11.
Download more important topics, notes, lectures and mock test series for Class 11 Exam by signing up for free.
Here you can find the meaning of 12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year? defined & explained in the simplest way possible. Besides giving the explanation of
12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year?, a detailed solution for 12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year? has been provided alongside types of 12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year? theory, EduRev gives you an
ample number of questions to practice 12. On 1st April, 2010. Plant and Machinery was purchased for 1.20,000 New machinery was purchased on 1st October, 2010 for 50,000 and on 1st July 2011 for 25,000. Os 1st January 2013, a machinery of the original value of 20,000 which was included in the machinery purchased on 1st April 2010 was sold for 6,000 Prepare Plant and Machinery Alc for three years after providing depreciation at 10% p.a. on Straight Line Method. Accounts are closed on 31st March every year? tests, examples and also practice Class 11 tests.
|
|
Explore Courses for Class 11 exam
|
|
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