Question
Fill up the missing information in the Machinery Account given below. You are informed that on $30^{\text {th }}$ June $2015$ , the Company sold the first machine purchased in 2013 for $₹ 38,500$. Depreciation is provided at $20 \%$ p.a. on the original cost each year. Account are closed on $31^{\text {st }}$ March every year.

Answer

Get the step-by-step solution for this question inside the Vidyadip app.

Get the answer in the app

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Similar questions

On which side will the decrease in the following accounts be recorded? Also, state the nature of the account:
  1. Cash.
  2. Bank Overdraft.
  3. Outstanding Salary paid.
  4. Outstanding Rent.
  5. Prepaid Insurance.
  6. Mohan, Proprietor of the business
Journalise the following transactions in the Journal of M/s. Gupta Brothers (Prop. Shri R. K. Gupta), Delhi and post them to the Ledger:
2019
 
March 1
Started business with cash
2,00,000
March 2
Opened bank account with SBI
80,000
March 4
Goods purchased from Raj, Jaipur (Rajasthan)
22,000
March 5
Goods purchased for cash
30,000
March 8
Goods sold to Naman, Delhi
12,000
March 10
Cash paid to Raj
22,000
March 15
Cash received from Naman
11,700
Discount allowed
300
March 16
Paid wages
200
March 18
Furniture purchased for office use
5,000
March 20
Withdrawn from bank for personal use
4,000
March 22
Issued cheque for rent
3,000
March 23
Goods taken for household purpose. These goods were purchased from Raj
2,000
March 24
Drawn cash from bank for office use
6,000
March 26
Commission received
1,000
March 27
Bank charges
300
March 28
Cheque issued for life insurance premium of Proprietor
3,000
March 29
Paid salary
10,000
March 30
Cash sales
20,000
Rectify the following errors:
i. Sold old furniture of A for $₹ 11,500$ was passed through the Sales Book.
ii. Credit purchases of $₹ 12,000$ from Ashely omitted to be recorded in the books.
iii. Repair made were debited to Building Account ₹ 7,000 .
iv. Credit Sale of ₹ 1,800 to Anshika was recorded as ₹ 8,100 .
v. ₹ 6,000 paid for office furniture was debited to the office expense account.
vi. A credit sale of goods $₹ 15,000$ to Rajesh has been wrongly passed through the Purchases Book.
Explain the meaning and significance of “money measurement concept'.
Pass journal entries for the following:
Jan. 5
Purchased goods for Cash ₹ 10,000 and spent ₹ 200 for their carriage.
Jan. 10
Purchased machinery for Cash ₹ 50,000 and spent ₹ 500 for its carriage.
Jan. 15
Paid ₹ 20,000 for cement, ₹ 10,000 for timber and ₹ 5,000 as wages for the construction of building.
Jan. 17
Purchased an old machinery for ₹ 20,000 and spent ₹ 2,500 on its immediate repairs.
Jan. 20
Paid ₹ 500 for repairing some other machinery.
Journalise the following transactions of Mr. Rahul:
2019
 
Jan. 1
Rahul started business with cash
1,00,000
Jan. 2
Paid into bank
60,000
Jan. 3
Bought goods from M/s. Singh & Co.
20,000
Jan. 3
Paid cartage
300
Jan. 4
Purchased furniture
2,000
Jan. 4
Placed an order for HP Printers for ₹ 15,000, amount advanced
5,000
Jan. 4
Purchased calculator
1,000
Jan. 4
Purchased computer through cheque
13,000
Jan. 6
Paid for postage
150
Jan. 8
Sold goods for cash
4,000
Jan. 9
Sold goods to M/s. Sharda & Co.
10,000
Jan. 9
Paid cartage
200
Jan. 15
Paid to M/s Singh & Co. on account
17,500
Jan. 25
Sold goods to M/s. Ray & Co.
5,600
Jan. 27
Received cheque from M/s. Sharda & Co. in full settlement of amount due from them
9,750
Jan. 31
Paid for electricity charges
1,000
Jan. 31
Paid salary
1,500
Jan. 31
Paid rent of building by cheque, half of the building is used by the proprietor for residential use
5,000
Jan. 31
Drew for private use
3,500
A owed B ₹ 8,000. He gave a bill for the same on 1st August, 2018 payable after 4 months at the Bank of India, Chandni Chowk, Delhi. Immediately after receiving the bill, B endorsed it to C in payment of his debt. On 1st September, C discounted the bill at 12% p.a. The bill is met on due date.
Pass the necessary Journal entries in the books of A, B and C.
The following trial balance has been prepared by an inexperienced accountant. Redraft it in a correct form:−
Explain the meaning of any three of the following terms:
Materiality.
Journalise the following in the books of Som Nath & Sons:
2019  
May 1 Purchased a Machinery for ₹ 1,00,000 and the payment was made by issuing a cheque from Proprietor's saving bank account.
May 4 Received an order from Chakravarti for goods of ₹ 4,00,000 alongwith a cheque of 10% of the order as advance.
May 8 Paid cash ₹ 8,000 to Dushyant and discount allowed by him ₹ 800.
May 10 Goods stolen by an employee (Sale Price ₹ 20,000; Cost ₹ 15,000).
May 15 Purchased stationery worth ₹ 8,000 for office use and ₹ 2,000 for personal use.
May 20 Manoj pays us ₹ 5,400 after deducting 10% for prompt payment.
May 28 Sold goods to Kuber costing ₹ 2,00,000 at 25% above cost less trade discount of 10% and cash discount of 5%. Kuber did not avail the cash discount.