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Question -

A Noida based Construction Company owns 5 cranes and the value of this asset in its books on April 01, 2017 is Rs 40,00,000. On October 01, 2017 it sold one of its cranes whose value was Rs 5,00,000 on April 01, 2017 at a 10% profit. On the same day it purchased 2 cranes for Rs 4,50,000 each. Prepare cranes account. It closes the books on December 31 and provides for depreciation on 10% written down value.



Answer -

Cranes Account

Dr.

 

 

 

 

 

 

Cr.

Date

Particulars

J.F.

Amount

Rs

Date

Particulars

J.F.

Amount

Rs

2017

 

 

 

2017

 

 

 

Apr.01

Machinery (35,00,000 + 5,00,000)

 

40,00,000

Oct.01

Depreciation

 

25,000

Oct.01

Profit and Loss (Profit)

 

47,500

Oct.01

Bank

 

5,22,500

Oct.01

Bank

 

9,00,000

Dec.31

Depreciation

 

 

 

 

 

 

 

35,00,000 ×

10

×

9

 = 2,62,500

 

 

100

12

 

 

 

 

 

9,00,000 ×

10

×

6

 = 22,500

 

2,85,000

100

12

 

 

 

 

Dec.31

Balance c/d

 

 

 

 

 

 

 

32,37,500 + 8,77,500

 

41,15,000

 

 

 

 

 

 

 

 

 

 

 

49,47,500

 

 

 

49,47,500

 

 

 

 

 

 

 

 


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