CBSE Class 11-commerce Answered
Kushal and Company purchased furniture for Rs.50,000 on
October 01, 2013. New furniture was purchased on April 01, 2015 for 30,000.
Depreciation is charged at 10% p.a. under Fixed Installation Method on March
31 every year.
Show necessary journal entries for the years
2013-2014, 2014-2015 and 2015-2016 if Depreciation Account is not maintained.
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
Expert Answer
In the Books of Kushal and Company
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Journal Entries |
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Date |
Particulars |
|
L.F. |
Dr. Rs. |
Cr. Rs. |
2013 |
|
|
|
|
|
Oct 1 |
Furniture A/c |
Dr. |
|
50,000 |
|
|
-------To Cash/Bank A/c |
|
|
|
50,000 |
|
(Being furniture purchased) |
|
|
|
|
2014 |
|
|
|
|
|
March 31 |
Depreciation A/c |
Dr. |
|
2,500 |
|
|
-------To Furniture A/c |
|
|
|
2,500 |
|
(Being depreciation provided on furniture for 6 months) |
|
|
|
|
March 31 |
Profit and loss A/c |
Dr. |
|
2,500 |
|
|
-------To Depreciation A/c |
|
|
|
2,500 |
|
(Being depreciation transferred to profit and loss account) |
|
|
|
|
2015 |
|
|
|
|
|
Mar 31 |
Depreciation A/c |
Dr |
|
5,000 |
|
|
-------To Furniture A/c |
|
|
|
5,000 |
|
(Being depreciation provided on furniture for whole year) |
|
|
|
|
Mar 31 |
Profit and Loss A/c |
Dr. |
|
5,000 |
|
|
-------To Depreciation A/c |
|
|
Answered by | 04 Aug, 2016, 03:26: PM
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ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
CBSE 11-commerce - Accountancy Part I
Asked by Topperlearning User | 04 Aug, 2016, 01:26: PM
ANSWERED BY EXPERT
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