In the Books of Harish Enterprise as on March 31,2015:

 

Plant gross value

Rs.7,00,000

Provision for Depreciation

Rs.1,00,000

   

A plant purchased for Rs.2,00,000 on November 01,2013 having accumulated depreciation amounted to Rs.80,000 was sold on April 01,2015 for Rs.40,000. Show the Plant A/c and Plant Disposal A/c for the year ended 31st March, 2016.

Asked by Topperlearning User | 4th Aug, 2016, 01:26: PM

Expert Answer:

Books of Harish Enterprise

Plant Account

Dr.

 

 

 

 

 

 

Cr.

Date

Particulars

J.F.

Amount

Rs. 

Date

Particulars

J.F.

Amount

Rs. 

2015

 

 

 

2015

 

 

 

Apr 1

To Balance b/d

 

7,00,000

Apr 1

By Plant Disposal A/c

 

2,00,000

 

 

 

 

2016

 

 

 

 

 

 

 

Mar 31

By Balance c/d

 

5,00,000

 

 

 

7,00,000

 

 

 

7,00,000

 

 

Plant Disposal Account

 

Dr.

 

 

 

 

 

 

Cr.

Date

Particulars

J.F.

Amount

Rs. 

Date

Particulars

J.F.

Amount

Rs. 

2015

 

 

 

2015

 

 

 

Apr 1

To Plant A/c

 

2,00,000

Apr 1

By Provision for Depreciation A/c

 

80,000

 

 

 

 

Apr 1

By Bank A/c (sold)

 

40,000

 

 

 

 

Answered by  | 4th Aug, 2016, 03:26: PM