Question

1-4-2016 computer purchased through bank 150000 at depreciation 60% we've method.

Computer sold on 1-10-2017 for Rs60000 pass journal entries for depreciation, asset purchase, sale of assets and finally determine profit or loss from such sale.

Answer 1

Answer:

1-4-16 computer a/c -dr. 150000

to bank a/c. 150000

31-3-17 Depreciation a/c -dr. 90000

to computer a/c. 90000

1-10-17 Depreciation a/c -dr. 52500

to computer a/c. 52500

1-10-17 cash a/c -dr. 60000

to computer a/c 7500

to p/L a/c. 52500