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Jagmohan

Shared from Recording of Transactions - 1 on Oct 30, 2017 7:10 PM

A machinery of Rs. 1,70,000 was sold on 30 September, 2016 for which brokerage of Rs. 10,000 was paid to agent. The machinery had been purchased for Rs. 3,00,000 on 1 April, 2014 and installation charges of Rs. 20,000 had been paid. The depreciation had been charged since that date @ 20% p.a. on straight line basis every year on 31 March. The entry at the time of sale will be:

Particulars	Debit	Credit
Cash a/c	1,60,000
Loss on sale of machinery a/c	10,000
To machinery a/c		1,70,000

Particulars	Debit	Credit
Cash a/c	1,70,000
To machinery a/c		1,70,000

Particulars	Debit	Credit
Cash a/c	1,60,000
To machinery a/c		1,60,000

Particulars	Debit	Credit
Cash a/c	1,60,000
To machinery a/c	1,50,000
To profit on sale of machinery a/c		10,000

Particulars	Debit	Credit
Cash a/c	1,60,000
Loss on machinery a/c	1,60,000
To machinery a/c		3,20,000

Please type your answer before submitting.

Pardeep Garg

Cash received 1,60,000 after deducting commission
rnValue of machinery in books as on 30 sept 2016 1,50,000 after charging depreciation for 2.5 years of Rs 1,50,000
rnnet profit on machinery= 10,000

Reply (0) (0)

Rachana Singh

Posted on Mar 18, 2015 2:40 PM

Unexpired insurance belongs to which category of accounts?

Personal Account

Real Account

Nominal Account

Suspense Account

Please type your answer before submitting.

Rabina

Reply (0) (0)

Anilkumarryali

Posted on Jun 18, 2014 8:21 PM

I want to methods of goodwill calculation can you explain?

Please type your answer before submitting.

Aniket Ganguly

Excess of Dr. over Cr. in Balance Sheet is goodwill.

Reply (0) (0)

Silvester

Posted on Jun 06, 2014 1:50 PM

Which of the followings is contingent liability?
1. Uncalled liability on partly paid up shares
2. Arrears of fixed cumulative dividend
3. Bill discounted but not matured
4. Advance income tax due as per rules

Please type your answer before submitting.

Stuti Gupta

Bill discounted but not matured

Reply (2) (0)

Suresh

Posted on May 05, 2014 5:44 PM

A company issued 1,00,000 euqity shares of Rs. 10 each at a premium of Rs. 2 and 5,000 10% Debentures of Rs. 100 each at 10% discount. All the shares and debentures were subscribed and allotted by crediting 10% Debentures account with

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