29. The following balances appear in the books of Y Ltd.: Machinery A/c as on 1-4-2022 ₹8,00,000 Provision for Depreciation A/c as on 1-4-2022 ₹3,10,000 On 1-7-2022, a machinery which was purchased on 1-4-2019 for ₹1,20,000 was sold for ₹50,000 and on the same date another machinery was purchased for ₹3,20,000. The firm has been … Read more
28. Following balances appeared in the books of Saurabh on 1st April, 2017: Plant and Machinery ₹10,00,000 Provision for Depreciation ₹3,50,000 On 1st July 2017, he sold a part of machinery for ₹1,25,000 which was purchased on 1st October 2015 for ₹1,60,000. On the same date, he purchased a new machinery for ₹3,00,000. Prepare Plant … Read more
27. Binny Textiles Ltd. which depreciates its machinery at 20% p.a. on diminishing balance method, purchased a machine for ₹6,00,000 on 1st October, 2020. It closes its books on 31st March every year. On 1st January, 2022, it purchased another machine for ₹1,50,000. On 1st December, 2022, one-third of the machinery purchased on 1st October, … Read more
26.On 1st April 2020, Banglore Silk Ltd. purchased a machinery for ₹20,00,000. It provides depreciation at 10% p.a. on the Written Down Value Method and closes its books on 31st March every year. On 1st July 2022, a part of the machinery purchased on 1st April 2020 for ₹4,00,000 was sold for 3,20,000. On 1st … Read more
25. On 1st August, 2020, Hindustan Toys Ltd. purchased a plant for ₹12,00,000. The firm writes off depreciation at 10% p.a. on the diminishing balance and the books are closed on 31st March each year. On 1st July, 2022, a part of this plant of which the original cost was ₹1,80,000 was sold for ₹1,00,000 … Read more
24. X Ltd. purchased a plant on 1st July, 2020 costing ₹5,00,000. It purchased another plant on 1st September, 2020 costing ₹3,00,000. On 3Ist December, 2022, the plant purchased on 1st July, 2020 got out of order and was sold for ₹2,15,000. Another plant was purchased to replace the same for ₹6,00,000. Depreciation is to … Read more
23. A company purchased second-hand machinery on 1st May, 2019 for ₹5,85,000 and immediately spent ₹15,000 on its erection. On 1st October, 2020, it purchased another machine for ₹4,00,000. On 3Ist July, 2021, it sold off the first machine for ₹2,50,000 and bought another for ₹4,20,000. On 1st November, 2022, the second machine was also … Read more
22. X Ld. which closes its books of account every year on 31st March, purchased on 1st October, 2019 machinery costing ₹4,40,000. It purchased further machinery on 1st April, 2020 costing ₹5,20,000. On 30th June, 2021, the first machine was sold for ₹2,50,000 and on the same date a fresh machine was installed at a … Read more
21. On 1st July 2015, ABC Ltd. purchases 4 machines for ₹80,000 each. The accounting year of the company ends on 31st March every year. Depreciation is provided at the rate of 15% p.a. on original cost. On 1st April, 2017 one machine was sold for ₹50,000 and on 1st January, 2019 a second machine … Read more
20. On 1st April 2016, a Company purchased 6 machines for ₹50,000 each. Depreciation at the rate of 10% p.a. is charged on Straight Line Method. The accounting year of the Company ends on 31st March and the depreciation is credited to a separate ‘Provision for Depreciation Account’. On 1st October, 2018, one machine was … Read more