Question

Provide 10% depreciation on Furniture costing 1,00,000, I need journal of this question​

Answer 1

Answer:

depreciation account/ depreciation expenses account debited 10,000

To furniture account 10,000

(being 10% depreciation charged on furniture costing rs.1,00,000)

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Answer 2

Answer:

Depreciation A/C. Rs.5,000

To Furniture A/C. Rs.5,000

(Being depreciation charged on furniture @ 10%)

Explanation:

In the given question we are depreciating the 10% of furniture that cost 50000 rupees. Assets such as furniture plant and machinery's depreciation will be directly charged to that asset account therefore reducing or deducting the value from that particular account here in our case it's furniture.

Will credit depreciation account for 5000 and credit furniture account because the 5000 rupees will later be deducted from furniture account ledger. Therefore making this journal entry valid