Mac Purchased on 15th Jan 12000/-
30th June Machinery damaged due to Fire Accident
31st Dec received the Insurance Premium 13000/-.
Pass the Journal Entry for all the above three
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Answer Posted / santhosh singade
15th Jan MACHINERY A/C DR. 12,000
TO CREDITOR A/C 12,000
30th June MACHINERY DAMAGE A/C DR. 12,000
TO MACHINERY A/C 12,000
31st Dec. INSURANCE CLAIM A/C DR. 13,000
TO INSURANCE PREMIUM A/C 13,000
INSURANCE PREMIUM A/C DR. 13,000
TO MACHINERY DAMAGE A/C 12,000
TO MACHINERY A/C 1,000
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Please explain a Representative Personal Account.
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Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
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