Ask a Doubt
Request a call back

Join NOW to get access to exclusive study material for best results

CBSE Class 11-commerce Answered

Vinod Ltd. purchased a machinery of Rs.3,00,000 on 1st July, 2012 and Rs.3,00,000 on 1st November 2012. A company purchased one more machinery on 1stJanurary 2013 for Rs.2,00,000. A company sold one machinery for Rs.2,10,000 on 31st march 2014 which was purchased on 1st July 2012. Company purchased on second hand machinery on the same date for Rs.1,00,000. Rate of the depreciation is 10% by Straight Line Method and closes it’s accounts on 31st December every year. Prepare Machinery Account, Machinery Disposable Account and Provision for Depreciation A/c.
Asked by Topperlearning User | 04 Jul, 2016, 09:00: AM
answered-by-expert Expert Answer

 Machinery A/c

Dr.

 

 

 

 

Cr.

Date

Particulars

Rs. 

Date

Particulars

Rs. 

2012

 

 

2012

 

 

Jul. 1

To Bank A/c

(Machine I)

3,00,000

Dec. 31

By Balance c/d

6,00,000

Nov.1

To Bank A/c

(Machine II)

3,00,000

 

 

 

 

 

6,00,000

 

 

6,00,000

2013

 

 

2013

 

 

Jan. 1

To Balance b/d

6,00,000

Dec. 31

By Balance c/d

8,00,000

 

To Bank A/c

2,00,000

 

 

 

 

 

8,00,000

 

 

8,00,000

2014

 

 

2014

 

 

Jan. 1

By Balance b/d

8,00,000

Mar. 31

By Machinery Disposal A/c

3,00,000

Mar. 31

To Bank A/c

(Second Machinery)

1,00,000

Dec. 31

By Balance c/d

6,00,000

 

 

9,00,000

 

 

9,00,000

2015

 

 

 

 

 

Jan. 1

By Balance b/d

6,00,000

 

 

 

 

  Provision for Depreciation A/c

Dr.

 

 

 

 

Cr.

Date

Particulars

Rs. 

Date

Particulars

Rs. 

2012

 

 

2012

 

 

Jul. 1

To Balance c/d

20,000

Dec. 31

By Depreciation A/c

@10% machinery I-15000

@10%Machinery II-5000

20,000

 

 

20,000

 

 

20,000

2013

 

 
Answered by | 04 Jul, 2016, 11:00: AM
Multiple Choice Questions Practice Test
Answered Unanswered My Questions My Answers
CBSE 11-commerce - Accountancy Part I
Give any two differences between Reserves and Provisions.
Asked by Topperlearning User | 04 Jul, 2016, 08:16: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Vinod Ltd. purchased a machinery of Rs.3,00,000 on 1st July, 2012 and Rs.3,00,000 on 1st November 2012. A company purchased one more machinery on 1stJanurary 2013 for Rs.2,00,000. A company sold one machinery for Rs.2,10,000 on 31st march 2014 which was purchased on 1st July 2012. Company purchased on second hand machinery on the same date for Rs.1,00,000. Rate of the depreciation is 10% by Straight Line Method and closes it’s accounts on 31st December every year. Prepare Machinery Account, Machinery Disposable Account and Provision for Depreciation A/c.
Asked by Topperlearning User | 04 Jul, 2016, 09:00: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Define provision. State its importance.
Asked by Topperlearning User | 08 Aug, 2016, 01:00: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Define reserve. Also state its types with examples.
Asked by Topperlearning User | 08 Aug, 2016, 01:16: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Differentiate between provision and reserves.
Asked by Topperlearning User | 08 Aug, 2016, 12:58: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Distinguish between specific reserve and general reserve.
Asked by Topperlearning User | 08 Aug, 2016, 12:58: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
‘Reserve is an appropriation of profit’ Do you agree? If yes, why?
Asked by Topperlearning User | 08 Aug, 2016, 12:58: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
‘Provision cannot be used for dividend distribution.’ Why?
Asked by Topperlearning User | 08 Aug, 2016, 12:58: PM
ANSWERED BY EXPERT ANSWERED BY EXPERT