1. On 1st April, 2019, a limited company purchased a Machine for ₹1,90,000 and spent ₹10,000 on its installation. At the date of purchase, it was estimated that the scrap value of the machine would be ₹50,000 at the end of sixth year. Give Machine Account and Depreciation A/c in...

2. Chandra Ltd. purchased a second-hand machine for ₹8,000 plus CGST and SGST @6% each on 1st July, 2019. They spent ₹3,500 on its overhaul and installation. Depreciation is written off 10% p.a. on the original cost. On 30th September, 2022, the machine was found to be unsuitable and sold...

3. A Ltd. purchased a machine for ₹5,00,000 on 1st April, 2020. Further addition were made on 1st October 2020 and on 1st July 2021 for ₹4,00,000 and ₹3,00,000 respectively. On 1st January, 2023, 1st machine was sold for ₹2,85,000 and new machine was purchased for ₹6,00,000. Prepare Machine A/c...

4. On 1st January, 2020, A Ltd. Purchased a machine for ₹2,40,000 and spent ₹10,000 on its erection. On 1st July, 2020 an additional machinery costing ₹1,00,000 was purchased. On 1st July, 2022 the machine purchased on 1st January, 2020 was sold for ₹1,43,000 and on the same date, a...

5. Abhinandan Ltd. bought a machinery on 1st August, 2017, costing ₹90,000. It purchased further machinery on 1st December, 2017 costing ₹60,000 and on 1st October, 2018 it bought machine costing ₹40,000. On 1st April, 2019, one third part of the machinery bought on 1st August 2017 was sold for...

6. Bhushan & Company purchased a Machinery on 1st April, 2019, for ₹54,000 and spent ₹6,000 on its installation. On 1st December, 2020, it purchased another machine for ₹80,000. On 30th June 2021, the first machine purchased on 1st April, 2019, is sold for ₹36,000 and on the same date...

7. On 1st October, 2016, Raj & Co. purchased machinery worth ₹40,000. On 1st October, 2018, it buys additional machinery worth ₹10,000. On 30th September, 2019, half of the machinery purchased on 1st Oct., 2016, is sold for ₹8,200. The company writes off 10 per cent p.a. on the original...

8. On 1st April, 2020, Plant and Machinery was purchased for ₹1,20,000. New machinery was purchased on 1st Oct., 2020, for 50,000 and on 1st July, 2021, for ₹25,000.  On 1st January, 2023, a machinery of the original value of ₹20,000 which was included in the machinery purchased on 1st...

9. From the following transactions of a concern, prepare Machinery Accounts for the year ending 31st March, 2023: 2022 April 1 : Purchased a second-hand machinery for ₹40,000. April 1 : Spent ₹10,000 on repairs for making it serviceable. Sept. 30 : Purchased additional new machinery for ₹20,000. Dec. 31...

10. A plant is purchased for ₹60,000 on 1st April, 2016. It is estimated that the residual value of this plant at the end of its working life of 10 years will be ₹20,920. Depreciation is to be provided at 10% p.a. on diminishing balance method. You are required to...

11. A Company purchased a second-hand machine on 1st April, 2020, for ₹30,000 and immediately spent ₹4,000 on its repair and ₹1,000 on its installation. On Oct. 1, 2022, the machine was sold for ₹25,000. Prepare Machine Account after charging depreciation @ 10% p.a. by diminishing balance method, assuming that...

12. A firm purchased on 1st April, 2016, a second-hand Machinery for ₹36,000 and spent ₹74,000 on its installation. On 1st Oct. in the same year another Machinery costing ₹20,000 was purchased. On 1st Oct., 2018, the Machinery bought on 1st April, 2016 was sold off for ₹12,000 and on...

13. Urja industries Ltd. purchased on 1st January, 2016, a machinery for ₹1,60,000. On 1st April, 2017, it purchased additional machinery costing ₹96,000. On 1st September, 2018 the machinery purchased on 1st January, 2016 was sold for ₹84,000 and on same date fresh machinery was purchased at cost of ₹1,50,000....

14. A Company purchased a machinery for ₹50,000 on 1st Oct., 2016. Another machinery costing ₹10,000 was purchased on 1st Dec., 2017. On 31st March, 2019, the machinery purchased in 2016 was sold at a loss of ₹5,000. The Company charges depreciation at the rate of l5% p.a. on Diminishing...

15. Ashoka Ltd. bought a machine on 1st April, 2020 for ₹2,40,000 and spent ₹4,000 on its carriage and ₹6,000 towards installation cost. On 1st July, 2021 it purchased a second-hand machinery for ₹75,000 and spent ₹25,000 on its overhauling. On 1st January, 2023 it decided to sell the machinery...

16. The Sameer Transport Company purchased 10 Trucks at ₹90,000 each on 1st April 2019. On 1st October 2021 one of the Trucks was involved in an accident and is completely destroyed. ₹56,200 was received from the Insurance company in full settlement. On the same date another truck was purchased...

17. Raja Textiles Co. which closes its books on 31st March, purchased a machine on 1-4-2016 for ₹50,000. On 1-10-2017, it purchased an additional machine for ₹30,000. The part of the machine which was purchased on 1-4-2016 costing ₹10,000 was sold for ₹3,600 on 30th Sept., 2019. Prepare the Machine...

18. A Company, which closes its books on 31st March every year, purchased on 1st July, 2017, machinery costing ₹30,000. It purchased further machinery on 1st January, 2018, costing ₹20,000 and on 1st October, 2018, costing ₹10,000. On 1st April, 2019, one-third of the machinery installed on 1st July, 2017,...

19. On July 1, 2020 Pushpak Ltd. purchased a machinery for ₹5,70,000 and paid ₹30,000 for its overhauling and installation. Depreciation is provided @ 20% p.a. on Original Cost Method and the books are closed on 31st March every year. The machine was sold on 31st January 2023 for a...

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...

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...

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...

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,...

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...

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...

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...

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...

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...

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...

30. On 1st April, 2022, following balances appeared in the books of M/s Krishna Traders: Furniture Account ₹50,000 Provision for Depreciation on Furniture Account ₹22,000 On 1st October, 2022 a part of Furniture purchased for ₹20,000 on 1st April, 2018 was sold for ₹5,000. On the same date a new...

31. Books of Mumbai Chemicals Ltd. showed the following balances on 1st April, 2019: Machinery A/c ₹10,00,000 Provision for Depreciation A/c ₹4,05,000 On 1st April, 2019, a machine which had a cost of ₹2,00,000 on 1st October, 2016 was sold for ₹80,000. The firm writes off depreciation @ 10% p.a....

32. On 1st July, 2017, X Ltd. purchased a machinery for ₹15,00,000, Depreciation is provided @ 20% p.a. on the original cost of the machinery and books are closed on 31st March each year. On 31st May, 2019, a part of this machine purchased on 1st July 2017 for ₹3,60,000...

33. On 1st September 2016, Gopal Ltd. purchased a plant for ₹10,20,000. On 1st July 2017 another plant was purchased for ₹6,00,000. The firm writes off depreciation @ l0% p.a. on original cost and its accounts are closed every year on 31st March. On 1st October 2019, a part of...

34. On 1st June, 2017, Kedarnath Ltd. purchased a machinery for ₹27,00,000. Depreciation is provided @ 10% p.a. on diminishing balance method and the books are closed on 31st March each year. On 1st October, 2019, a part of the machinery purchased on 1st June, 2017 for ₹6,00,000 was sold...

35. On 1st Jan. 2017, Panjim Dryfruits Ltd. bought a plant for ₹15,00,000. The company writes off depreciation @ 20% p.a. on Written Down Value Method and closes its books on 3Ist March every year. On 1st Oct. 2019, a part of the plant purchased on 1st Jan. 2017 for...

36. The following balances appear in the books of M/s Amrit: 1st April, 2022 Machinery A/c ₹60,000 Provision for depreciation A/c ₹36,000 On 1st April, 2022, they decided to dispose off a machinery for ₹78,400 which was purchased on 1st April, 2018 for ₹16,000. You are required to prepare Machinery...

37. A limited company purchased on 01-01-2017 a plant for ₹38,000 and spent ₹2,000 for carriage and brokerage. On 01-04-2018 it purchased additional plant costing ₹20,000. On 01-08-2019 the plant purchased on 01-01-2017 was sold for ₹25,000. On the same date, the plant purchased on 01-04-2018 was sold at a...

38. A Limited purchased a machine on 1st July 2017 for ₹3,00,000 and on 1st January 2019 bought another machinery for ₹2,00,000. On 1st August 2019 machine bought in 2017 was sold for ₹1,60,000. Another machine was bought for ₹1,50,000 on 1st October 2019. It was decided to provide depreciation...

39. On April 1, 2019 Jain & Sons purchased a second-hand plant costing ₹2,00,000 and spent ₹10,000 on its overhauling. It also spent ₹5,000 on transportation and installation of the plant. It was decided to provide for depreciation @ 20% on written down value. The plant was destroyed by fire...