Cinemugam (Kollywood)

OMTEX CLASSES 5. M/s Amol Industries, Pune, purchased machinery for Rs. 19,400 on 1 st January, 1976, and spent Rs. 600 for its erection. On 1 st July 1976, additional machinery costing Rs. 10,000 was acquired. On 1 st July 1978 the machinery purchased on 1 st January, 1976 was sold for Rs. 12,000 and on the same date fresh machinery was purchased at a cost of Rs. 16,000. Depreciation was provided annually on 31 st December at the rate of 10% on the original cost. Give the machinery account and deprecation account for 1976, 1977 and 1978. [F.I.M] WORKING NOTE : CALCULATION OF DEPRECIATION Date Machinery Machinery 2 Machinery 3 Total depreciation 1.1.76 20000 1.7.76 10000 Depreciation @10% 2000 500 2500 1.1.77 18000 9500 Depreciation @10% 2000 1000 3000 1.1.78 16000

OMTEX CLASSES 38.   On 1 st April, 2004 Saikripa enterprises purchased two computers of Rs. 40,000 each. On 1 st October, 2004 they purchased one more computer for Rs. 40,000. On 1 st October, 2006 they sold one computer, which was purchased on 1 st April, 2004 for Rs. 18,780. Depreciation on computers was provided @ 10% p.a. on diminishing balance method and the financial year closes on 31 st March every year. Prepare computer A/c depreciation A/c for years 2004 – 05, 2005 – 06 and 2006 – 07. (September. 2008) [W.D.V.] WORKING NOTE : CALCULATION OF DEPRECIATION Date Machinery Machinery 2 Machinery 3 Total depreciation 1.4.04 40000 40000 1.10.04 40000 Depreciation @10% 4000 4000 2000 10000 1.4.05 36000 36000 38000 Depreciation @10% 3600 3600 3800 11000 1.4.06 32400