Please wait...
Contact Us
Contact
Need assistance? Contact us on below numbers

For Study plan details

10:00 AM to 7:00 PM IST all days.

For Franchisee Enquiry

OR

or

Thanks, You will receive a call shortly.
Customer Support

You are very important to us

For any content/service related issues please contact on this number

93219 24448 / 99871 78554

Mon to Sat - 10 AM to 7 PM

Vinod Limited purchased amachinery of Rs.3,00,000 on 1st July, 2012 and Rs.3,00,000 on 1st November 2012. Company purchased one moremachinery on 1st January 2013 for Rs.2,00,000. Company sold onemachinery for Rs.2,10,000 on 31st March 2014whichwas purchased on 1st July 2012. Company purchased on second handmachinery on the same day for Rs.1,00,000. Rate of Depreciation is 10% by Straight Line Method and closes its accounts on 31st December every year. Prepare Machinery A/c, Machinery Disposal A/c and Provision for Depreciation A/c

Asked by meet10patel2005 1st February 2022, 12:00 PM

Answer this question

×
Your answer has been posted successfully!

Free related questions

1st February 2022, 12:00 PM
From the following Trial Balance of M/s XYZ Traders, Prepare the financial statements for the year ending 31 st March, 2020: S.No . Names of the Accounts Debit(Rs. ) Credit(Rs. ) 1 Capital & Drawings 23,500 3,40,000 2 Sales & Purchases 2,11,000 7,90,500 3 Discount 14,000 9,000 4 9% Investments(purchased on 1 st August,2019) 80,000 5 Wages & Salaries 1,19,000 6 Rent & rates 65,500 7 Plant & Machinery 3,00,000 8 Furniture & Fixtures 85,000 9 Taxes & Insurance 94,000 10 12% Loan from Bank 2,50,000 11 Commission 1,08,000 12 Interest on Loan 3,000 13 Power & Fuel 32,000 14 Printing & Stationery 14,600 15 Stores Consumed 21,000 16 Returns 19,500 6,000 17 Bills Receivables & Bills Payables 55,000 43,000 18 Stock on 1 st April,2019 45,000 19 Loose Tools 23,500 20 Outstanding for Stationery 7,000 21 Bad Debts & Provision for Bad Debts 8,000 9,000 22 Creditors & Debtors 2,26,000 1,53,100 23 Office Equipment 55,000 24 Cash in hand & at Bank 1,55,000 25 Advertisement Expenses 66,000 Total 17,15,600 17,15,600 Additional Information: a) Depreciate all fixed assets @10% p.a & loose tools were valued at Rs. 15,000. b) Charge 30% of wages & salaries to the Trading Account. c) Salaries for the months of February & March, 2020 were yet to be paid. d) Insurance includes an annual insurance premium of Rs. 9,600 which was paid on 1 st September,2019. e) Bad debts written off Rs. 6,000 & provision for bad & doubtful debts to be created @ 5%. f) A new machine was bought for Rs. 87,000 on 1 st October, 2019 & wages paid Rs. 13,000 on its installation were debited to wages a/c. g) Commission has been received for 2 ½ years. h) Stock on 31 st March, 2020 was Rs. 1,19,000. i) On 22 nd March, 2019 goods worth Rs. 20,000 were lost due to fire & Insurance Company admitted claim to the extent of 65%.
1st February 2022, 12:00 PM

Chat with us on WhatsApp