On 1st April, 2014, Iqra Ltd. Purchased furnitire costing Rs,50,000. On 1st July 2017, the furniture was sold by for Rs, 20,000. depreciation is [email protected] 10% p.a. on original cost method? prepare furniture account till 2017 assuming that accounts are closed on 31st march each year

On 1st April, 2014, Iqra Ltd. Purchased furnitire costing Rs,50,000. O

1.	On 1st April, 2014, Iqra Ltd. Purchased furnitire costing Rs,50,000. On 1st July 2017, the furniture was sold by for Rs, 20,000. depreciation is [email protected] 10% p.a. on original cost method? prepare furniture account till 2017 assuming that accounts are closed on 31st march each year
Answer» RTICULAR. RS. 1.4.2014. COST OF MACHINERY. 5000031.3.2015. LESS : DEPRECIATION. 50000×10÷100. 50001.4.2015. BOOK VALUE. 4500031.3.2016. LESS : DEPRECIATION. 45000×10÷100. 45001.4.2016. BOOK VALUE. 40500 31.3.2017. LESS : DEPRECIATION. 40500×10÷100. 40501.4.2017. BOOK VALUE. 3645030.6.2017. LESS : DEPRECIATION 36450×10÷100×3÷12. 911.2530.6.2017. BOOK VALUE. 35539(it's 35538.75)Book value=35539selling price=20000 SINCE BOOK VALUE is GREATER than the SELLING PRICE IT'S LOSS. LOSS ON SALE OF MACHINERY=35539-20000=15539 Furniture account Debit: Date. particulars. RS. Date. particulars. RS 1.4.2014. To BANK. 50000. 31.3.2015. By depreciation. 5000 31.3.2015. By balance c/d. 45000 Total 50000 Total. 500001.4.2015. To balance b/d. 45000. 31.3.2016. By depreciation. 4500 31.3.2016. By balance c/d. 40500 Total. 45000. Total. 450001.4.2016. To balance b/d. 40500. 31.3.2017. By depreciation. 4050 31.3.2017. By balance c/d. 36450 Total. 40500. Total. 405001.4.2017. To balance b/d. 36450. 30.6.2017. By depreciation. 911.25 30.6.2017. By Bank. 20000 30.6.2017. By PROFIT and loss. 15539 Total. 36450. Total. 36450(it's 36450.25)

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On 1st April, 2014, Iqra Ltd. Purchased furnitire costing Rs,50,000. On 1st July 2017, the furniture was sold by for Rs, 20,000. depreciation is [email protected] 10% p.a. on original cost method? prepare furniture account till 2017 assuming that accounts are closed on 31st march each year

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