M/s Lokesh Fabrics purchased a Textile Machine on April
01, 2001 for Rs 1,00,000. On July 01, 2002 another machine costing Rs 2,50,000
was purchased . The machine purchased on April 01, 2001 was sold for Rs 25,000
on October 01, 2005. The company charges depreciation @15% p.a. on straight
line method. Prepare machinery account and machinery disposal account for the
year ended March 31, 2006.
M/s Lokesh Fabrics purchased a Textile Machine on April 01, 2001 for Rs 1,00,000. On July 01, 2002 another machine costing Rs 2,50,000 was purchased . The machine purchased on April 01, 2001 was sold for Rs 25,000 on October 01, 2005. The company charges depreciation @15% p.a. on straight line method. Prepare machinery account and machinery disposal account for the year ended March 31, 2006.
Books of M/s. Lokesh Fabrics |
|||||||
Machinery Account |
|||||||
Dr. |
|
|
|
|
|
|
Cr. |
Date |
Particulars |
J.F. |
Amount Rs |
Date |
Particulars |
J.F. |
Amount Rs |
2001 |
|
|
|
2002 |
|
|
|
Apr.01 |
Bank (i) |
|
1,00,000 |
Mar.31 |
Depreciation |
|
15,000 |
|
|
|
|
Mar.31 |
Balance c/d |
|
85,000 |
|
|
|
|
|
|
|
|
|
|
|
1,00,000 |
|
|
|
1,00,000 |
|
|
|
|
|
|
|
|
2002 |
|
|
|
2003 |
|
|
|
Apr.01 |
Balance b/d |
|
85,000 |
Mar.31 |
Depreciation |
|
|
July.01 |
Bank (ii) |
|
2,50,000 |
|
(i) 15,000 + 28,125 |
|
43,125 |
|
|
|
|
Mar.31 |
Balance c/d |
|
|
|
|
|
|
|
(i) 70,000, (ii) 2,21,875 |
|
2,91,875 |
|
|
|
3,35,000 |
|
|
|
3,35,000 |
|
|
|
|
|
|
|
|
2003 |
|
|
|
2004 |
|
|
|
Apr.01 |
Balance b/d |
|
|
Mar.31 |
Depreciation |
|
|
|
(i) 70,000, (ii) 2,21,875 |
|
2,91,875 |
|
(i) 15,000, (ii) 37,500 |
|
52,500 |
|
|
|
|
Mar.31 |
Balance c/d |
|
|
|
|
|
|
|
(i) 55,000, (ii) 1,84,375 |
|
2,39,375 |
|
|
|
2,91,875 |
|
|
|
2,91,875 |
|
|
|
|
|
|
|
|
2004 |
|
|
|
2005 |
|
|
|
Apr.01 |
Balance b/d |
|
|
Mar.31 |
Depreciation |
|
|
|
(i) 5,500, (ii) 1,84,375 |
|
2,39,375 |
|
(i) 15,000, (ii) 37,500 |
|
52,500 |
|
|
|
|
Mar.31 |
Balance c/d |
|
|
|
|
|
|
|
(i) 40,000, (ii) 1,46,875 |
|
1,86,875 |
|
|
|
|
|
|
|
|
|
|
|
2,39,375 |
|
|
|
2,39,375 |
|
|
|
|
|
|
|
|
2005 |
|
|
|
2005 |
|
|
|
Apr.01 |
Balance b/d |
|
|
Oct.01 |
Depreciation |
|
7,500 |
|
(i) 40,000, (ii) 1,46,875 |
|
1,86,875 |
Oct.01 |
Machinery Disposal |
|
32,500 |
|
|
|
|
2006 |
|
|
|
|
|
|
|
Mar.31 |
Depreciation (ii) |
|
37,500 |
|
|
|
|
Mar.31 |
Balance c/d |
|
1,09,375 |
|
|
|
|
|
|
|
|
|
|
|
1,86,875 |
|
|
|
1,86,875 |
|
|
|
|
|
|
|
|
Machinery Disposal Account |
|||||||
Dr. |
|
|
|
|
|
|
Cr. |
Date |
Particulars |
J.F. |
Amount Rs |
Date |
Particulars |
J.F. |
Amount Rs |
2005 |
|
|
|
2005 |
|
|
|
Oct.01 |
Machinery |
|
32,500 |
Oct.01 |
Bank |
|
25,000 |
|
|
|
|
Oct.01 |
Profit and Loss |
|
7,500 |
|
|
|
32,500 |
|
|
|
32,500 |
|
|
|
|
|
|
|
|