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Date Particular Amt Date Particular Amt

1. On various dates between 2010 and 2011, Sunil Trader purchased three machinery items for Rs. 40,000, Rs. 90,000, and Rs. 50,000 respectively. In 2012, the company sold the first machinery item for Rs. 25,000. 2. The company follows a financial year from April 1 to March 31 and charges 12% annual depreciation on machinery. Depreciation amounts were calculated and credited to the depreciation account on March 31 each year. 3. A working note calculates the profit on sale of the first machinery item by determining its written down value each year, deducting final sales price to arrive at a profit of Rs. 3,807.68

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100 views2 pages

Date Particular Amt Date Particular Amt

1. On various dates between 2010 and 2011, Sunil Trader purchased three machinery items for Rs. 40,000, Rs. 90,000, and Rs. 50,000 respectively. In 2012, the company sold the first machinery item for Rs. 25,000. 2. The company follows a financial year from April 1 to March 31 and charges 12% annual depreciation on machinery. Depreciation amounts were calculated and credited to the depreciation account on March 31 each year. 3. A working note calculates the profit on sale of the first machinery item by determining its written down value each year, deducting final sales price to arrive at a profit of Rs. 3,807.68

Uploaded by

saurabhkankariya
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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1. On 1st April 2010 Sunil Trader Purchasded Machinery Worth Rs.40000.

On 1 Oct10 The
Company Purchasedanother Machinery Worth Rs 90000 And On 1 May11 The Campany
Purchased Third Machinart Worth Rs 50000.On 1 Nov12 The Company Sold 1st Machinery For
Rs25000 The Company Follows The Income Tax Year And Charges 12% Depreciation .

Machinary A/C

Date

Particular

1.4.10
1.10.10

To Bank
To Bank

1.4.11
1.5.11

To Bal b/d
To Bank

1.4.12

To Bal b/d

Amt

Date

Particular

40000
90000
130000
120700
50000
170700
150716

31.3.11
31.3.11

By Dep
By Bal c/d

31.3.12
31.3.12

By Dep
By Bal c/d

1.11.12

By Dep
By Bank
By P/L [Loss]
By Dep
By Bal c/d

31.3.13

9300
120700
130000
19984
150716
170700
2168.32
25000
3807.68
14368.8
105371.2

Depreciaton a/c

Date
31.3.11
31.3.12
1.11.12
31.3.13

Particular
To machinary
To machinary
To machinary
To machinary

WORKING NOTE.
Calculation of P/L on sale
1.4.10
original cost
(-) dep
wdv
1.4.11
(-) dep
wdv
1.4.12
(-) dep
wdv
1.11.12 s.p
profit

Amt

Date

9300 31.3.11
19984 31.3.12
2168.32 31.3.13
14368.8

40000
4800
35200
4224
30976
2168.32
28807.68
25000
3807.68

Particular
By P/L
By P/L
By P/L

Amt

Amt
9300
19984
16537.12

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