Question

Sale of Single Asset and Depreciation as per Straight Line Method
7. On 1st January, 2011 a firm purchased furniture costing 1,00,000. On 1st April, 2014, the furniture
was sold for 60,000. Prepare Furniture Account, charging depreciation @10% p.a. on Original
Cost Method. Accounts are closed on 31st December each year.
{Hint: Depreciation: 2011 = 10,000; 2012 = 10,000; 2013 = 10,000;
2014 = 2,500; Loss on Sale = 7,500)​

Answer 1

Answer:

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