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On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 and spent Rs. 10000 on its carriage and Rs. 10000 on its installation. It is estimated vthat it's working life is 10 years and after 10 years it's scrap value will be Rs.20000. (a) prepare machine account and depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st every year.?
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On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 a...
Machine Account:
On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180,000. The machine account will record the initial cost of the machine and subsequent expenses related to it.
Year 2010-2011:
- Machine cost: Rs. 180,000
- Carriage expenses: Rs. 10,000
- Installation expenses: Rs. 10,000
- Total cost: Rs. 200,000
Year 2011-2012:
- Depreciation expense: Rs. (200,000 - 20,000) / 10 = Rs. 18,000
Year 2012-2013:
- Depreciation expense: Rs. 18,000
Year 2013-2014:
- Depreciation expense: Rs. 18,000
Total Depreciation:
- Depreciation for 4 years: Rs. 18,000 * 3 = Rs. 54,000
Machine Account:
| Date | Particulars | Amount (Rs.) |
|-------------|-----------------------|--------------|
| 01-04-2010 | To Bank A/c (Purchase) | 180,000 |
| 01-04-2010 | To Carriage A/c | 10,000 |
| 01-04-2010 | To Installation A/c | 10,000 |
| 31-03-2011 | By Depreciation A/c | 18,000 |
| 31-03-2012 | By Depreciation A/c | 18,000 |
| 31-03-2013 | By Depreciation A/c | 18,000 |
| 31-03-2014 | By Depreciation A/c | 18,000 |
| 31-03-2014 | By Scrap A/c | 20,000 |
|-------------|-----------------------|--------------|
| | Total | 196,000 |
Depreciation Account:
| Date | Particulars | Amount (Rs.) |
|-------------|-----------------------|--------------|
| 31-03-2011 | By Machine A/c | 18,000 |
| 31-03-2012 | By Machine A/c | 18,000 |
| 31-03-2013 | By Machine A/c | 18,000 |
| 31-03-2014 | By Machine A/c | 18,000 |
|-------------|-----------------------|--------------|
| | Total | 72,000 |
Explanation:
- The machine was purchased on April 1, 2010, for Rs. 180,000.
- Carriage expenses of Rs. 10,000 and installation expenses of Rs. 10,000 were incurred, bringing the total cost to Rs. 200,000.
- The working life of the machine is estimated to be 10 years, and its scrap value after 10 years is Rs.
On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180,000. The machine account will record the initial cost of the machine and subsequent expenses related to it.
Year 2010-2011:
- Machine cost: Rs. 180,000
- Carriage expenses: Rs. 10,000
- Installation expenses: Rs. 10,000
- Total cost: Rs. 200,000
Year 2011-2012:
- Depreciation expense: Rs. (200,000 - 20,000) / 10 = Rs. 18,000
Year 2012-2013:
- Depreciation expense: Rs. 18,000
Year 2013-2014:
- Depreciation expense: Rs. 18,000
Total Depreciation:
- Depreciation for 4 years: Rs. 18,000 * 3 = Rs. 54,000
Machine Account:
| Date | Particulars | Amount (Rs.) |
|-------------|-----------------------|--------------|
| 01-04-2010 | To Bank A/c (Purchase) | 180,000 |
| 01-04-2010 | To Carriage A/c | 10,000 |
| 01-04-2010 | To Installation A/c | 10,000 |
| 31-03-2011 | By Depreciation A/c | 18,000 |
| 31-03-2012 | By Depreciation A/c | 18,000 |
| 31-03-2013 | By Depreciation A/c | 18,000 |
| 31-03-2014 | By Depreciation A/c | 18,000 |
| 31-03-2014 | By Scrap A/c | 20,000 |
|-------------|-----------------------|--------------|
| | Total | 196,000 |
Depreciation Account:
| Date | Particulars | Amount (Rs.) |
|-------------|-----------------------|--------------|
| 31-03-2011 | By Machine A/c | 18,000 |
| 31-03-2012 | By Machine A/c | 18,000 |
| 31-03-2013 | By Machine A/c | 18,000 |
| 31-03-2014 | By Machine A/c | 18,000 |
|-------------|-----------------------|--------------|
| | Total | 72,000 |
Explanation:
- The machine was purchased on April 1, 2010, for Rs. 180,000.
- Carriage expenses of Rs. 10,000 and installation expenses of Rs. 10,000 were incurred, bringing the total cost to Rs. 200,000.
- The working life of the machine is estimated to be 10 years, and its scrap value after 10 years is Rs.
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On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 and spent Rs. 10000 on its carriage and Rs. 10000 on its installation. It is estimated vthat it's working life is 10 years and after 10 years it's scrap value will be Rs.20000. (a) prepare machine account and depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st every year.?
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On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 and spent Rs. 10000 on its carriage and Rs. 10000 on its installation. It is estimated vthat it's working life is 10 years and after 10 years it's scrap value will be Rs.20000. (a) prepare machine account and depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st 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 On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 and spent Rs. 10000 on its carriage and Rs. 10000 on its installation. It is estimated vthat it's working life is 10 years and after 10 years it's scrap value will be Rs.20000. (a) prepare machine account and depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st every year.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 and spent Rs. 10000 on its carriage and Rs. 10000 on its installation. It is estimated vthat it's working life is 10 years and after 10 years it's scrap value will be Rs.20000. (a) prepare machine account and depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st every year.?.
On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 and spent Rs. 10000 on its carriage and Rs. 10000 on its installation. It is estimated vthat it's working life is 10 years and after 10 years it's scrap value will be Rs.20000. (a) prepare machine account and depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st 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 On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 and spent Rs. 10000 on its carriage and Rs. 10000 on its installation. It is estimated vthat it's working life is 10 years and after 10 years it's scrap value will be Rs.20000. (a) prepare machine account and depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st every year.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 and spent Rs. 10000 on its carriage and Rs. 10000 on its installation. It is estimated vthat it's working life is 10 years and after 10 years it's scrap value will be Rs.20000. (a) prepare machine account and depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st every year.?.
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On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 and spent Rs. 10000 on its carriage and Rs. 10000 on its installation. It is estimated vthat it's working life is 10 years and after 10 years it's scrap value will be Rs.20000. (a) prepare machine account and depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st every year.?, a detailed solution for On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 and spent Rs. 10000 on its carriage and Rs. 10000 on its installation. It is estimated vthat it's working life is 10 years and after 10 years it's scrap value will be Rs.20000. (a) prepare machine account and depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st every year.? has been provided alongside types of On April 1, 2010, Bajrang Marbles purchased a machine for Rs. 180000 and spent Rs. 10000 on its carriage and Rs. 10000 on its installation. It is estimated vthat it's working life is 10 years and after 10 years it's scrap value will be Rs.20000. (a) prepare machine account and depreciation account for the first four years by providing depreciation on straight line method. Accounts are closed on March 31st every year.? theory, EduRev gives you an
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