On October 01, 2011 Juneja Transport Company purchased 2 Trucks for
Rs. 10,00,000 each. On July 01, 2013, One Truck was involved in an accident
and was completely destroyed and Rs. 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 Rs. 1,50,000. On January 31, 2014 company purchased a
fresh truck for Rs. 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.
Answers
Truck Account from 2011 to 2014
Explanation:
In the Books of Juneja Transport Co.
Truck A/c
Particulars Amount(Rs.) Particulars Amount(Rs.)
1.8.11 To Bank A/c 20,00,000 31.3.2012 By Dep. A/c 1,00,000
By Bal c/d 19,00,000
1.4.12 To Bal b/d 19,00,000 31.3.2013 By Dep. A/c 190000
By Bal c/d 1710000
1.4.13 To Bal b/d 1710000 1.7.13 By Dep. A/c 21375
(3 months)
By Bank A/c 600000
(Insurance claim)
By P&L A/c(Loss) 233625
31.1.2014 By Bank A/c 1200000 31.3.13 By Dep. A/c 64125
(9 months)
By Bank A/c 150000
By P&L A/c(Loss) 640875
31.3.14 By Dep. A/c 20000
(2 months)
By Bal c/d 1180000