Question No 15 Chapter No 12
15. The Sameer Transport Company purchased 10 Trucks at 90,000 each on 1st April 2011. on 1st October 2013 one of the Trucks was involved in accident and is completely destroyed 56,200 was received from the Insurance Company for the sum of 1,00,000. the company writes off 20% per annum on Diminishing Balance Method. The company Maintains the calendar year as its financial year. Show the Truck Account for four years 31st December 2014.
The solution of Question No 15 Chapter No 12: –
| Dr. | Machinery A/c | Cr. | |||||
| Date | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
| 1st Apr.2011 | To Bank A/c (36,000 + 4,000) | 9,00,000 | 31st Dec 2012 | By Deprecation A/c (9 months) | 1,35,000 | ||
| 31st Dec 2012 | By Balance C/d | 7,65,000 | |||||
| 9,00,000 | 9,00,000 | ||||||
| 1st Apr 2017 | To Balance b/f | 7,65,000 | 31st Dec 2013 | By Deprecation A/c | 1,53,000 | ||
| 31st Dec 2013 | By Balance C/d |
6,12,000 |
|||||
| 7,65,000 | 7,65,000 | ||||||
| 1st Jan.2013 | To Balance b/f | 6,12,000 | 1st Oct 2013 | By Deprecation A/c | 5,897 | ||
| 1st Oct.2013 | To Profit & Loss A/c | 4,810 | 31st Dec 2014 | By Bank A/c | 28,415 | ||
| 1st Oct.2013 | To Bank A/c | 1,00,000 | 31st Dec 2014 | By Profit & Loss A/c | 5,000 | ||
| 31st Dec 2015 | By Balance C/d (4,30,830 + 95,000) | 5,35,640 | |||||
| 7,16,810 | 7,16,810 | ||||||
Working Note:
Calculation of Profit or Loss on Sale
| Statement Showing profit or loss on the sale of Machinery | |
| Particulars |
Amount |
| Machinery Purchase on of Equipment as on 1st Oct. 2016 | 40,000 |
| Less: – Amount of Depreciation charged on the year 2016-17 | |
| 50,000 *15%* 6/12 | 3,750 |
| Amount of Depreciation charged on the year 2017-18 | |
| 46,250 *15%* 12/12 | 6,938 |
| Amount of Depreciation charged on the year 2018-19 | |
| 39,312 *15%* 12/12 | 5,897 |
| Book value of asset as of 1st Oct 2019 | 33,415 |
| Sale Price of Machinery | 28,415 |
| Loss on the sale of the asset | 5,000 |
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Also, Check out the solved question of all Chapters: –
D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution
- Chapter 1 Evolution of Accounting & Basic Accounting Terms
- Chapter 2 Accounting Equations
- Chapter 3 Meaning and Objectives of Accounting
- Chapter 4 Double Entry System
- Chapter 5 Books of Original Entry – Journal
- Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
- Chapter 7 Books of Original Entry – Cash Book (Coming soon)
- Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
- Chapter 9 Ledger (Coming soon)
- Chapter 10 Trial Balance and Errors (Coming soon)
- Chapter 11 Bank Reconciliation Statement (Coming soon)
- Chapter 12 Depreciation (Coming soon)
- Chapter 13 Bills of Exchange (Coming soon)
- Chapter 14 Generally Accepted Accounting Principles(GAAP)
- Chapter 15 Bases of Accounting
- Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
- Chapter 17 Capital and Revenue
- Chapter 18 Provisions and Reserves
- Chapter 19 Final Accounts (Coming soon)
- Chapter 20 Final Accounts – With Adjustments (Coming soon)
- Chapter 21 Errors and their Rectification (Coming soon)
- Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
- Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
- Chapter 24 Computerised Accounting System (Coming soon)
- Chapter 25 Introduction to Accounting Information System (Coming soon)
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