CBSE Class 11-commerce Answered
Pokemon and Brothers purchased a Machinery
for Rs.3,00,000 on April
01,2014 and spent Rs.40,000 for its installation. The
salvage value of the machine after its useful life for 5 years,
is estimated to be Rs.5,000. Record journal entries for the
year 2014-2015 and draw up Machine Account and Depreciation Account for first
2 years given that the depreciation is charged using straight line method if
the books of accounts close on March 31 every year and the firm charges
depreciation to the asset account.
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
Expert Answer
Books of Pokemon and Brothers |
|||||
Journal Entries |
|||||
Date |
Particulars |
|
L.F. |
Debit Rs. |
Credit Rs. |
2014 |
|
|
|
|
|
Apr 1 |
Machinery A/c |
Dr. |
|
3,00,000 |
|
|
-------To Bank A/c |
|
|
|
3,00,000 |
|
(Being machinery purchased for Rs.3,00,000) |
|
|
|
|
2014 |
|
|
|
|
|
Apr 1 |
Machinery A/c |
Dr. |
|
40,000 |
|
|
-------To Bank A/c |
|
|
|
40,000 |
|
(Being expenses incurred on installation) |
|
|
|
|
2015 |
|
|
|
|
|
Mar 31 |
Depreciation A/c |
Dr. |
|
67,000 |
|
|
-------To Machinery A/c |
|
|
|
67,000 |
|
(Being depreciation charged on assets) |
|
|
|
|
2015 |
|
|
|
|
|
Mar 31 |
Profit and Loss A/c |
Dr. |
|
67,000 |
|
|
-------To Depreciation A/c |
|
|
|
67,000 |
|
(Being depreciation debited to profit and loss account) |
|
|
|
|
2016 |
|
|
|
Answered by | 04 Aug, 2016, 03:26: PM
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 01 Jul, 2016, 03:14: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
|