In the books of M/s Anthony Enterprises, the opening balance of Machinery account on 1st April 2016 was Rs. 15,00,000 and the opening balance of Provision for Depreciation account was Rs. 3,50,000. A piece of machinery was purchased on 1st October 2016 for Rs. 20,00,000, which was financed to the extent of 50 % by way of loan from Union Bank and the remaining amount was paid through cheque. On 01.06.2017 one machinery which was purchased for Rs. 5,00,000 on 01.04.2015 was completely destroyed by fire and scrap value realized by the sale of the said machinery was Rs. 10,000. To replace that machinery, the additional machine was purchased on the same date for Rs. 7,00,000. The company charges depreciation @ 15% p.a. on SLM basis and maintain Provision for Depreciation account. Accounts are closed every year on 31St March. Prepare Machinery account & Provision for depreciation account for the year 2016-17 and 2017-18.
In the books of M/s Anthony Enterprises, the opening balance of Machinery account on 1st April 2016 was Rs. 15,00,000 and the opening balance of Provision for Depreciation account was Rs. 3,50,000. A piece of machinery was purchased on 1st October 2016 for Rs. 20,00,000, which was financed to the extent of 50 % by way of loan from Union Bank and the remaining amount was paid through cheque. On 01.06.2017 one machinery which was purchased for Rs. 5,00,000 on 01.04.2015 was completely destroyed by fire and scrap value realized by the sale of the said machinery was Rs. 10,000. To replace that machinery, the additional machine was purchased on the same date for Rs. 7,00,000. The company charges depreciation @ 15% p.a. on SLM basis and maintain Provision for Depreciation account. Accounts are closed every year on 31St March. Prepare Machinery account & Provision for depreciation account for the year 2016-17 and 2017-18.
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 5PA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...
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