Ramana and Brothers purchased Furniture for 22,000 on 1st July, 2017. Errection charges paid for 3,000 and paid for carriage 5,000. Depreciation is to be charged at the rate of 10% on original cost method. Additions are made to the asset for 10,000 on 1st April 2018. Show the Furniture a/c for three years assuming that accounts are closed on 31st March every year.
Answers
Answer:
Date Particulars Amount (₹) Date Particulars Amount (₹)
2015 2016
Apr. 01 Bank A/c (1,90,000 + 10,000) 2,00,000 Mar. 31 Depreciation A/c 25,000
Mar. 31 Balance c/d 1,75,000
2,00,000 2,00,000
2016 2017
Apr. 01 Balance b/d 1,75,000 Mar. 31 Depreciation A/c 25,000
Mar. 31 Balance c/d 1,50,000
1,75,000 1,75,000
2017 2018
Apr. 01 Balance b/d 1,50,000 Mar. 31 Depreciation A/c 25,000
Mar. 31 Balance c/d 1,25,000
1,50,000 1,50,000
2018 2019
Apr. 01 Balance b/d 1,25,000 Mar. 31 Depreciation A/c 25,000
Mar. 31 Balance c/d 1,00,000
1,25,000 1,25,000
Depreciation Account
Dr. Cr.
Date Particulars Amount (₹) Date Particulars Amount (₹)
2016 2016
Mar. 31 Machinery A/c 25,000 Mar. 31 Profit and Loss A/c 25,000
25,000 25,000
2017 2017
Mar. 31 Machinery A/c 25,000 Mar. 31 Profit and Loss A/c 25,000
25,000 25,000
2018 2018
Mar. 31 Machinery A/c 25,000 Mar. 31 Profit and Loss A/c 25,000
25,000 25,000
2019 2019
Mar. 31 Machinery A/c 25,000 Mar. 31 Profit and Loss A/c 25,000
25,000 25,000
Working Note: Calculation of Depreciation
Answer:
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