9. From the following transactions of a concern, prepare Machinery Accounts for the year ending 31st March, 2023: 2022 April 1 : Purchased a second-hand machinery for ₹40,000. April 1 : Spent ₹10,000 on repairs for making it serviceable. Sept. 30 : Purchased additional new machinery for ₹20,000. Dec. 31 : Repairs and renewals of … Read more
8. On 1st April, 2020, Plant and Machinery was purchased for ₹1,20,000. New machinery was purchased on 1st Oct., 2020, for 50,000 and on 1st July, 2021, for ₹25,000. On 1st January, 2023, a machinery of the original value of ₹20,000 which was included in the machinery purchased on 1st April, 2020, was sold for … Read more
7. On 1st October, 2016, Raj & Co. purchased machinery worth ₹40,000. On 1st October, 2018, it buys additional machinery worth ₹10,000. On 30th September, 2019, half of the machinery purchased on 1st Oct., 2016, is sold for ₹8,200. The company writes off 10 per cent p.a. on the original cost. The accounts are closed … Read more
6. Bhushan & Company purchased a Machinery on 1st April, 2019, for ₹54,000 and spent ₹6,000 on its installation. On 1st December, 2020, it purchased another machine for ₹80,000. On 30th June 2021, the first machine purchased on 1st April, 2019, is sold for ₹36,000 and on the same date it purchased a new machinery … Read more
5. Abhinandan Ltd. bought a machinery on 1st August, 2017, costing ₹90,000. It purchased further machinery on 1st December, 2017 costing ₹60,000 and on 1st October, 2018 it bought machine costing ₹40,000. On 1st April, 2019, one third part of the machinery bought on 1st August 2017 was sold for ₹18,000 as it became obsolete. … Read more
4. On 1st January, 2020, A Ltd. Purchased a machine for ₹2,40,000 and spent ₹10,000 on its erection. On 1st July, 2020 an additional machinery costing ₹1,00,000 was purchased. On 1st July, 2022 the machine purchased on 1st January, 2020 was sold for ₹1,43,000 and on the same date, a new machine was purchased at … Read more
3. A Ltd. purchased a machine for ₹5,00,000 on 1st April, 2020. Further addition were made on 1st October 2020 and on 1st July 2021 for ₹4,00,000 and ₹3,00,000 respectively. On 1st January, 2023, 1st machine was sold for ₹2,85,000 and new machine was purchased for ₹6,00,000. Prepare Machine A/c for three years ending 3Ist … Read more
2. Chandra Ltd. purchased a second-hand machine for ₹8,000 plus CGST and SGST @6% each on 1st July, 2019. They spent ₹3,500 on its overhaul and installation. Depreciation is written off 10% p.a. on the original cost. On 30th September, 2022, the machine was found to be unsuitable and sold for ₹6,500. Prepare the Machinery … Read more
1. On 1st April, 2019, a limited company purchased a Machine for ₹1,90,000 and spent ₹10,000 on its installation. At the date of purchase, it was estimated that the scrap value of the machine would be ₹50,000 at the end of sixth year. Give Machine Account and Depreciation A/c in the books of the Company … Read more