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Question -

M/s Lokesh Fabrics purchased a Textile Machine on April 01, 2011 for Rs 1,00,000. On July 01, 2012 another machine costing Rs 2,50,000 was purchased. The machine purchased on April 01, 2011 was sold for Rs 25,000 on October 01, 2015. The company charges depreciation @15% p.a. on straight line method. Prepare machinery account and machinery disposal account for the year ended March 31, 2016.



Answer -

Books of M/s. Lokesh Fabrics

Machinery Account

Dr.

 

 

 

 

 

 

Cr.

Date

Particulars

J.F.

Amount

Rs

Date

Particulars

J.F.

Amount

Rs

2011

 

 

 

2012

 

 

 

Apr.01

Bank (i)

 

1,00,000

Mar.31

Depreciation

 

15,000

 

 

 

 

Mar.31

Balance c/d

 

85,000

 

 

 

 

 

 

 

 

 

 

 

1,00,000

 

 

 

1,00,000

 

 

 

 

 

 

 

 

2012

 

 

 

2013

 

 

 

Apr.01

Balance b/d

 

85,000 

Mar.31

Depreciation

 

 

July.01 

Bank (ii)

 

2,50,000

 

(i) 15,000 + 28,125

 

43,125

 

 

 

 

Mar.31

Balance c/d

 

 

 

 

 

 

 

(i) 70,000, (ii) 2,21,875

 

2,91,875

 

 

 

3,35,000

 

 

 

3,35,000

 

 

 

 

 

 

 

 

2013

 

 

 

2014

 

 

 

Apr.01

Balance b/d

 

 

Mar.31

Depreciation

 

 

 

 (i) 70,000, (ii) 2,21,875

 

2,91,875 

 

(i) 15,000, (ii) 37,500

 

52,500

 

 

 

 

Mar.31

Balance c/d

 

 

 

 

 

 

 

(i) 55,000, (ii) 1,84,375

 

2,39,375

 

 

 

2,91,875

 

 

 

2,91,875

 

 

 

 

 

 

 

 

2014

 

 

 

2015

 

 

 

Apr.01

Balance b/d

 

 

Mar.31

Depreciation

 

 

 

(i) 5,500, (ii) 1,84,375 

 

2,39,375

 

(i) 15,000, (ii) 37,500

 

52,500

 

 

 

 

Mar.31

Balance c/d

 

 

 

 

 

 

 

(i) 40,000, (ii) 1,46,875

 

1,86,875

 

 

 

 

 

 

 

 

 

 

 

2,39,375

 

 

 

2,39,375

 

 

 

 

 

 

 

 

2015

 

 

 

2015

 

 

 

Apr.01

Balance b/d

 

 

Oct.01

Depreciation

 

7,500

 

(i) 40,000, (ii) 1,46,875

 

1,86,875

Oct.01

Machinery Disposal

 

32,500

 

 

 

 

2016

 

 

 

 

 

 

 

Mar.31

Depreciation (ii)

 

37,500

 

 

 

 

Mar.31

Balance c/d

 

1,09,375

 

 

 

 

 

 

 

 

 

 

 

1,86,875

 

 

 

1,86,875

 

 

 

 

 

 

 

 

 

Machinery Disposal Account

Dr.

 

 

 

 

 

 

Cr.

Date

Particulars

J.F.

Amount

Rs

Date

Particulars

J.F.

Amount

 Rs

2015

 

 

 

2015

 

 

 

Oct.01

Machinery

 

32,500

Oct.01

Bank

 

25,000

 

 

 

 

Oct.01

Profit and Loss

 

7,500

 

 

 

32,500

 

 

 

32,500

 

 

 

 

 

 

 

 

 

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