Editing Content :: Admin Scraper

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274 Accountancy 15. On January 01, 2011, Satkar Transport Ltd., purchased 3 buses for ` 10,00,000 each. On July 01, 2013, one bus was involved in an accident and was completely destroyed and ` 7,00,000 were received from the Insurance Company in full settlement. Depreciation is written off @15% p.a. on diminishing balance method. Prepare bus account from 2011 to 2014. Books are closed on December 31 every year. (Ans: Profit on insurance claim ` 31,687. Balance of Bus account as on 1.01.15 ` 10,44,013). 16. On October 01, 2011 Juneja Transport Company purchased 2 Trucks for ` 10,00,000 each. On July 01, 2013, One Truck was involved in an accident and was completely destroyed and ` 6,00,000 were received from the insurance company in full settlement. On December 31, 2013 another truck was involved in an accident and destroyed partially, which was not insured. It was sold off for ` 1,50,000. On January 31, 2014 company purchased a fresh truck for ` 12,00,000. Depreciation is to be provided at 10% p.a. on the written down value every year. The books are closed every year on March 31. Give the truck account from 2011 to 2014. (Ans: Loss on Ist Truck Insurance claim ` 3,26,250. Loss on IInd Truck ` 7,05,000. Balance of Truck account as on 31.03.14 ` 11,80,000). 17. A Noida based Construction Company owns 5 cranes and the value of this asset in its books on April 01, 2017 is ` 40,00,000. On October 01, 2017 it sold one of its cranes whose value was ` 5,00,000 on April 01, 2017 at a 10% profit. On the same day it purchased 2 cranes for ` 4,50,000 each. Prepare cranes account. It closes the books on December 31 and provides for depreciation on 10% written down value. (Ans: Profit on sale of crane ` 47,500. Balance of Cranes account as on 31.12.17 ` 41,15000). 18. Shri Krishan Manufacturing Company purchased 10 machines for ` 75,000 each on July 01, 2014. On October 01, 2016, one of the machines got destroyed by fire and an insurance claim of ` 45,000 was admitted by the company. On the same date another machine is purchased by the company for ` 1,25,000. The company writes off 15% p.a. depreciation on written down value basis. The company maintains the calendar year as its financial year. Prepare the machinery account from 2014 to 2017. (Ans: Loss on settle of insurance claim ` 7,735. Balance of Machine account as on 31.12.17 ` 4,85,709). 19. On January 01, 2014, a Limited Company purchased machinery for `20,00,000.Depreciationisprovided@15%p.a.ondiminishingbalancemethod. On March 01, 2016, one fourth of machinery was damaged by fire and ` 40,000 were received from the insurance company in full settlement. On September 01, 2016 another machinery was purchased by the company for `15,00,000. Write up the machinery account from 2010 to 2013. Books are closed on December 31, every year. (Ans: Loss on settle of insurance claim ` 3,12,219. Balance of Machine account as on 31.12.17 ` 19,94,260). Reprint 2026-27