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A company whose accounting year is calendar year purchase a machine for rupees ₹30000 on 1st July 2013 and the same here company purchase another machine of ₹20000 on 1st January 2014. on 1st October 2014 purchase another machine for rupees 10,000. on 1st April 2015 company sold 1/3 part of machine which was purchased on 1st July 2013 for rupees ₹3000 assuming that company charges depreciation 10% per annum according to reducing balance method prepare machine account for 3 years?
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A company whose accounting year is calendar year purchase a machine fo...
Machine Account

Purchase of Machine on 1st July 2013:
- Date: 1st July 2013
- Amount: ₹30,000

Purchase of Machine on 1st January 2014:
- Date: 1st January 2014
- Amount: ₹20,000

Purchase of Machine on 1st October 2014:
- Date: 1st October 2014
- Amount: ₹10,000

Depreciation Calculation:
- Depreciation Rate: 10% per annum (reducing balance method)

Year 2013:
- No depreciation as the first machine was purchased on 1st July 2013.

Year 2014:
- Depreciation for the first machine: ₹30,000 * 10% = ₹3,000

Year 2015:
- Depreciation for the first machine: ₹27,000 * 10% = ₹2,700

Sale of Machine on 1st April 2015:
- Date: 1st April 2015
- Sold 1/3rd of the machine purchased on 1st July 2013 for ₹3,000

Machine Account Summary:
- Opening Balance (1st January 2013): ₹0
- Purchase of Machine on 1st July 2013: ₹30,000
- Purchase of Machine on 1st January 2014: ₹20,000
- Purchase of Machine on 1st October 2014: ₹10,000
- Depreciation for the year 2014: ₹3,000
- Depreciation for the year 2015: ₹2,700
- Sale of Machine on 1st April 2015: ₹3,000

Machine Account Calculation:
- Opening Balance: ₹0
- 1st July 2013: ₹30,000 (Purchase)
- 1st January 2014: ₹20,000 (Purchase)
- 1st October 2014: ₹10,000 (Purchase)
- 31st December 2014: ₹3,000 (Depreciation)
- 31st December 2015: ₹2,700 (Depreciation)
- 1st April 2015: ₹3,000 (Sale)
- Closing Balance: ₹71,700 (₹30,000 + ₹20,000 + ₹10,000 - ₹3,000 - ₹2,700 - ₹3,000)

The Machine Account shows the purchase of machines on different dates and the calculation of depreciation each year. The depreciation is calculated at a rate of 10% per annum using the reducing balance method. The first machine, purchased on 1st July 2013, did not incur any depreciation in the first year. In the subsequent years, the depreciation is calculated based on the reduced value of the machine. On 1st April 2015, 1/3rd of the machine purchased on 1st July 2013 was sold for ₹3,000. The closing balance of the Machine Account after 3 years is ₹71,700.
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A company whose accounting year is calendar year purchase a machine fo...
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A company whose accounting year is calendar year purchase a machine for rupees ₹30000 on 1st July 2013 and the same here company purchase another machine of ₹20000 on 1st January 2014. on 1st October 2014 purchase another machine for rupees 10,000. on 1st April 2015 company sold 1/3 part of machine which was purchased on 1st July 2013 for rupees ₹3000 assuming that company charges depreciation 10% per annum according to reducing balance method prepare machine account for 3 years?
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A company whose accounting year is calendar year purchase a machine for rupees ₹30000 on 1st July 2013 and the same here company purchase another machine of ₹20000 on 1st January 2014. on 1st October 2014 purchase another machine for rupees 10,000. on 1st April 2015 company sold 1/3 part of machine which was purchased on 1st July 2013 for rupees ₹3000 assuming that company charges depreciation 10% per annum according to reducing balance method prepare machine account for 3 years? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about A company whose accounting year is calendar year purchase a machine for rupees ₹30000 on 1st July 2013 and the same here company purchase another machine of ₹20000 on 1st January 2014. on 1st October 2014 purchase another machine for rupees 10,000. on 1st April 2015 company sold 1/3 part of machine which was purchased on 1st July 2013 for rupees ₹3000 assuming that company charges depreciation 10% per annum according to reducing balance method prepare machine account for 3 years? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A company whose accounting year is calendar year purchase a machine for rupees ₹30000 on 1st July 2013 and the same here company purchase another machine of ₹20000 on 1st January 2014. on 1st October 2014 purchase another machine for rupees 10,000. on 1st April 2015 company sold 1/3 part of machine which was purchased on 1st July 2013 for rupees ₹3000 assuming that company charges depreciation 10% per annum according to reducing balance method prepare machine account for 3 years?.
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