14. A Company purchased a machinery for ₹50,000 on 1st Oct., 2016. Another machinery costing ₹10,000 was purchased on 1st Dec., 2017. On 31st March, 2019, the machinery purchased in 2016 was sold at a loss of ₹5,000. The Company charges depreciation at the rate of l5% p.a. on Diminishing Balance Method. Accounts are closed … Read more
13. Urja industries Ltd. purchased on 1st January, 2016, a machinery for ₹1,60,000. On 1st April, 2017, it purchased additional machinery costing ₹96,000. On 1st September, 2018 the machinery purchased on 1st January, 2016 was sold for ₹84,000 and on same date fresh machinery was purchased at cost of ₹1,50,000. Depreciation is provided at 10% … Read more
12. A firm purchased on 1st April, 2016, a second-hand Machinery for ₹36,000 and spent ₹74,000 on its installation. On 1st Oct. in the same year another Machinery costing ₹20,000 was purchased. On 1st Oct., 2018, the Machinery bought on 1st April, 2016 was sold off for ₹12,000 and on the same date a fresh … Read more
11. A Company purchased a second-hand machine on 1st April, 2020, for ₹30,000 and immediately spent ₹4,000 on its repair and ₹1,000 on its installation. On Oct. 1, 2022, the machine was sold for ₹25,000. Prepare Machine Account after charging depreciation @ 10% p.a. by diminishing balance method, assuming that the books are closed on … Read more
10. A plant is purchased for ₹60,000 on 1st April, 2016. It is estimated that the residual value of this plant at the end of its working life of 10 years will be ₹20,920. Depreciation is to be provided at 10% p.a. on diminishing balance method. You are required to show the Plant Account for … Read more
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