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11th Standard English Medium Accountancy Subject Depreciation Accounting Book Back 2 Mark Questions with Solution Part - II updated Book back Questions

Published on: 13/05/2022

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Questions:

Generic 2

5 x 2 = 10

Calculate the amount of depreciation and depreciation rate from the following by using ‘straight line method’. Also give journal entries for the first two years. The books are closed on 31st December every year.

January 1, 2016 Payment to vendor for purchase of machinery	Rs.2,00,000
January 1, 2016 Transportation cost	Rs.2,000
January 1, 2016 Installation cost	Rs.18,000
Estimated scrap value at the end of the life	Rs.10,000
Estimated life	10 years

From the following information, calculate the amount of depreciation and rate of depreciation under straight line method.
Purchase price of machine Rs.2,00,000
Expenses to be capitalised Rs.50,000
Estimated residual value Rs.15,000
Expected useful life 5 years

On 1.1.2017 a firm purchased a machine at a cost of Rs.1,00,000. Its life was estimated to be 10 years with a scrap value of Rs.10,000. Compute the amount of depreciation to be charged at the end of each year.

A furniture costing Rs 5,000 was purchased on 1.1.2016, the installation charges being Rs 1,000. The furniture is to be depreciated @10% p.a. on the diminishing balance method. Pass journal entries for the first two years.

An asset is purchased for Rs. 50,000. The rate of depreciation is 15% p.a. Calculate the annual depreciation for the first two years under diminishing balance method.

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Answers Key:

Generic 2

5 x 2 = 10

Amount of depreciation per year = \({Original\ cost\ of\ the\ asset − Estimated\ scrap\ value\over Estimated\ useful\ life\ of\ the\ asset\ in\ years}\)
\(= \frac{2,20,000 - 10,000}{10} \\ =\frac{2,10,000}{10}\)
= Rs.21,000 per year
Rate of depreciation per year = \({Amount\ of\ depreciation\over Original\ cost}\times100\)
\(={21,500\over 2,20,000}\times100=9.55\%\)

Amount of depreciation per year = \(Original\ cost\ of\ the\ asset − Estimated\ scrap\ value\over Estimated\ useful\ life\ of\ the\ asset\ in\ years\)
\(={2,50,000 – 15,000\over 10}={2,35,000\over 10}\) = Rs.47,000 per year
Rate of depreciation = \({Amount\ of\ depreciation\ per\ year\over Original\ cost}\times100\)
\(={47,000\over 2,50,000}\times100=18.8\%\)

Amount of depreciation per year = \(Original\ cost\ of\ the\ asset − Estimated\ scrap\ value\over Estimated\ useful\ life\ of\ the\ asset\ in\ years\)
\(={1,00,000 – 10,000\over 10}={90,000\over 10}\) = Rs. 9,000 per year
When it is plotted on a graph for 5 years, it appears as follows:

Journal entries
Date	Particulars		Debit Rs.	Credit Rs.
1.1.2016	furniture A/c	Dr.	6,000
	To Bank A/c			6,000
	(Furniture purchased)
31.12.2016	Depreciation A/c	Dr.	600
	To Furniture A/c			600
	(Annual depreciation)
31.12.2016	Profit and loss A/c	Dr.	600
	To Depreciation A/c			600
	(Depreciation transferred te profit and loss A/c)
31.12.2017	Depreciation A/c	Dr.	540
	To Furniture A/c			540
	(Annual depreciation)
31.12.2017	Profit and loss A/c	Dr.	540
	To Depreciation A/c			540
	(Depreciation transferred to profit and loss A/c)

Calculate the amount of depreciation
Particulars	Amount Rs.
Cost price	50,000
Less : I^st year depreciation	7,500
(50,000 \(\times\) \(\frac { 15 }{ 100 }\))
	42,500
.Less : II^nd year depreciation	6,375
(42,500 \(\times\) \(\frac {15}{100}\))
	36,125