Question

munmun Singh bought furniture for RS 36000 and spent 4000 RS for its fitting on 1st April 2011 additional furniture was bought on 1 October 2011 for 20000.while first furniture was serve for 10 years with no scrap value ,the second one to serve for 5 years to leave a scrap of 4000rs .on 1st July 2012 another item of furniture was bought for RS 10000 charging 10%p.a. depreciation on cost .On 30th June 2013 the furniture purchase on 1st Oct. 2011 was auctioned at 60%of it's book value and the first furniture was disposed off at per 31 March 2014 and replaced by new furniture of RS 15000 to serve for 6 years when scrap was estimated to be 3000rs .show furniture account till 2014-15 with all calculation​

Answer 1

Explanation:

2,00,000 and machinery 50,000.

 Purchased goods for cash 20,000 and on credit 10,000.

 Rent Outstanding 1,000.

 Commission received 2000.

 Insurance prepaid 1200.

 Depreciation on machinery 500.

thanks