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Question -

Kapil Ltd. purchased a machinery on July 01, 2011 for Rs 3,50,000. It purchased two additional machines, on April 01, 2012 costing Rs 1,50,000 and on October 01, 2012 costing Rs 1,00,000. Depreciation is provided @10% p.a. on straight line basis. On January 01, 2013, first machinery become useless due to technical changes. This machinery was sold for Rs 1,00,000, prepare machinery account for 4 years on the basis of calendar year.



Answer -

Books of Kapil Ltd. 

Machinery Account

Dr.

 

 

 

 

 

 

Cr.

Date

Particulars

J.F.

Amount

Rs

Date

Particulars

J.F.

Amount

Rs

2011

 

 

 

2011

 

 

 

Jul.01

Bank (i)

 

3,50,000

Dec.31

Depreciation (6 months)

 

17,500

 

 

 

 

Dec.31

Balance c/d

 

3,32,500

 

 

 

3,50,000

 

 

 

3,50,000

 

 

 

 

 

 

 

 

2012

 

 

 

2012

 

 

 

Jan.01

Balance c/d

 

3,32,500

Dec.31

Depreciation

 

 

Apr.01

Bank (ii)

 

1,50,000

 

(i) 35,000 (ii) 11,250 (9 months),

 

 

Oct.01

Bank (iii)

 

1,00,000

 

(iii) 2,500 (3 months)

 

48,750

 

 

 

 

Dec.31

Balance c/d

 

 

 

 

 

 

 

(i) 2,97,500, (ii) 1,38,750,

 

 

 

 

 

 

 

(iii) 97,500

 

5,33,750

 

 

 

 

 

 

 

 

 

 

 

5,82,500

 

 

 

5,82,500

 

 

 

 

 

 

 

 

2013

 

 

 

2013

 

 

 

Jan.01

(i) 2,97,500, (ii) 1,38,750,

 

 

Jan.01

Bank (i)

 

1,00,000

 

(iii) 97,500

 

5,33,750

Jan.01

Profit and Loss (Loss)

 

1,97,500

 

 

 

 

Dec.31

Depreciation

 

 

 

 

 

 

 

(ii) 15,000 (iii) 10,000

 

25,000

 

 

 

 

Dec.31

Balance c/d

 

 

 

 

 

 

 

(ii) 1,23,750, (iii) 87,500

 

2,11,250

 

 

 

 

 

 

 

 

 

 

 

5,33,750

 

 

 

4,33,750

 

 

 

 

 

 

 

 

2014

 

 

 

2014

 

 

 

Jan.01

Balance c/d

 

2,11,250

Dec.31

Depreciation

 

 

 

(ii) 1,23,750, (iii) 87,500

 

 

Dec.31

(ii) 15,000, (iii) 10,000

 

25,000

 

 

 

 

 

Balance c/d

 

 

 

 

 

 

 

(ii) 1,08,750, (iii) 77,500

 

1,86,250

 

 

 

2,11,250

 

 

 

2,11,250

2015

 

 

 

 

 

 

 

Jan.01

Balance b/d

 

1,86,250

 

 

 

 

 

 

 

 

 

 

 

 

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