Advertisements
Advertisements
प्रश्न
On 1st Jan 2015, Triveni Traders Raigad purchased a Plaint for ₹ 12,000, and installation charges being ₹ 3,000. On 1st July 2016 another Plant was purchased for ₹ 25,000, on 1st April 2017 another Plant was purchased for ₹ 27,000, wages paid for installation amounted to ₹ 2,000. Carriage paid for the Plant amounted to ₹ 1,000. Show Plant Account up to 31st March 2018 assuming that the rate of depreciation is @ 10% p.a. on Straight Line Method.
उत्तर
In the books of Triveni Traders, Raigad
| Dr. | Plant Account | Cr. | |||||
| Date | Particulars | J. F. | Amt (₹) | Date | Particulars | J. F. | Amt (₹) |
| 2015 | 2015 | ||||||
| Jan. 1 | To Cash/Bank A/c (12,000 + 3,000) (Plant I) |
15,000 | Mar. 31 | By Depreciation A/c | 375 | ||
| Mar. 31 | By Balance c/d | 14,625 | |||||
| 15,000 | 15,000 | ||||||
| 2015 | 2016 | ||||||
| Apr. 1 | To Balance b/d | 14,625 | Mar. 31 | By Depreciation A/c | 1,500 | ||
| Mar. 31 | By Balance c/d | 13,125 | |||||
| 14,625 | 14,625 | ||||||
| 2016 | 2017 | ||||||
| Apr. 1 | To Balance b/d | 13,125 | Mar. 31 | By Depreciation A/c (Plant I) | 1,500 | ||
| Jul. 1 | To Cash/Bank A/c (Plant II) | 25,000 | Mar. 31 | By Depreciation A/c (Plant II) | 1,875 | ||
| Mar. 31 | By Balance c/d | 34,750 | |||||
| 38,125 | 38,125 | ||||||
| 2017 | 2018 | ||||||
| Apr. 1 | To Balance b/d | 34,750 | Mar. 31 | By Depreciation A/c (Plant I) | 1,500 | ||
| Apr. 1 | To Cash/Bank A/c (27,000 + 2,000 + 1,000) (Plant III) |
30,000 | Mar. 31 | By Depreciation A/c (Plant II) | 2,500 | ||
| Mar. 31 | By Depreciation A/c (Plant III) | 3,000 | |||||
| Mar. 31 | By Balance c/d | 57,750 | |||||
| 64,750 | 64,750 | ||||||
| 2018 | |||||||
| Apr. 1 | To Balance b/d | 57,750 | |||||
Working Note:
| Plant I | Amount | Plant II | Amount | Plant III | Amount |
| 1st Jan 2015 to 31st Mar 2015 Book Value Less: Dep. `(15,000 xx 10/100 xx 3/12)` |
375 |
||||
|
1st April 2015 to 31st Mar 2016 Less: Dep. `(15,000 xx 10/100)` |
14,625
|
||||
|
1st April 2016 to 31st Mar 2017 Less: Dep. `(15,000 xx 10/100)` |
13,125
|
1st July 2016 Less: Dep. `(25,000 xx 10/100 xx 9/12)` |
25,000 1875 |
||
|
1st April 2017 to 31st Mar 2018 Less: Dep. `(15,000 xx 10/100)` |
11,625
|
1st April 2017 to 31st Mar 2018 Less: Dep. `(25,000 xx 10/100)` |
23,125 2,500 |
1st April 2017 to 31st Mar 2018 Less: Dep. `(30,000 xx 10/100)` |
30,000
|
| 1st April 2018 | 10,125 | 1st April 2018 | 20,625 | 1st April 2018 | 27,000 |
APPEARS IN
संबंधित प्रश्न
Write the word/term/phrase which can substitute the following statement:
The method of depreciation in which the total depreciation is equally spread over the life of the asset.
Write the word/term/phrase which can substitute the following statement:
Expenses incurred for fixation of the new asset to bring it in working condition.
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
Depreciation is charged only on ______ assets.
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
The amount spent on installation of new machinery is a ______ expenditure.
Select the most appropriate answer from the alternatives given below and rewrite the sentence:
The amount of depreciation remains constant every year under ______
State whether the following statement is True or False with reasons:
Depreciation is charged on fixed assets.
Do you agree or disagree with the following statement:
Under written down value method the Depreciation curve slopes parallel to 'X' axis.
Do you agree or disagree with the following statement:
The rate of depreciation depends upon the life of fixed asset.
Do you agree or disagree with the following statement:
By charging depreciation on fixed assets ascertainment of true and fair financial position is possible.
Complete the following sentence:
Under ______ system, the amount of depreciation changes every year.
Complete the following sentence:
______ is the value which an asset realises at the end of its useful life.
Under straight-line method, the amount of depreciation is ______.
If the total charge of depreciation and maintenance cost are considered, the method that provides a uniform charge is ______.
For which of the following assets, the depletion method is adopted for writing off cost of the asset?
Which method shall be efficient, if repairs and maintenance cost of an asset increases as it grows older.
Depreciation is to be calculated from the date when ______.
List out the various methods of depreciation.
Give the formula to find out the amount and rate of depreciation under straight line method of depreciation.
State the limitations of straight-line method of depreciation.
Furniture was purchased for ₹ 1,00,000 on 1.7.2016. It is expected to last for 5 years. Estimated scrap at the end of five years is ₹ 10,000. Find out the rate of depreciation under the straight-line method.
Furniture costing ₹ 5,000 was purchased on 1.1.2016, the installation charges being ₹ 1,000. The furniture is to be depreciated @ 10% p.a. on the diminishing balance method. Pass journal entries for the first two years.
A machine costing ₹ 23,000 is estimated to have a life of 7 years and the scrap value is estimated at ₹ 2,000 at the end of its useful life. Find out the amount of depreciation p.a.
On 1st April 2015, Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years. The Registration charge for the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.
On 1st January 2017 ‘Sai Industries, Nagpur’ purchased a Machine costing ₹ 1,65,000 and spent ₹ 15,000 for its installation charges. The estimated life of the Machine is to be 10 years and the scrap value at the end of its life would be ₹ 30,000. On 1st October 2018, the entire Machine was sold for ₹ 1,50,000.
Show Machinery Account, Depreciation Account, for the years 2016-17, 2017-18, and 2018-19 assuming that the accounts are closed on 31st March every year.
Mahesh Traders Solapur purchased Furniture on 1st April 2014 for ₹ 20,000. In the same year on 1st, Oct. additional Furniture was purchased for ₹ 10,000.
On 1st Oct. 2015, the Furniture purchased on 1st April 2014 was sold for ₹ 15,000 and on the same day, a new Furniture was purchased for ₹ 20,000.
The firm charged depreciation at 10% p.a. on the Reducing Balance Method.
Prepare Furniture Account and Depreciation Account for the year ending 31st March 2015, 2016, and 2017.
On 1st April 2015, Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years. The Registration charge for the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.
On 1st April 2015 Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years The Registration charges of the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.
On 1st April 2015 Farid of Nasik purchased a Motor Car for ₹ 55,000. The scrap value of the Motor Car was estimated at ₹ 10,000 and its estimated life is 10 years The Registration charges of the Motor Car was ₹ 5,000.
Show Motor Car Account for first four years, assuming that the books of accounts are closed on 31st March every year.
