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Question 17 Chapter 11 of Class 12 Part – 2 – 2024
Arrangement of Balance sheet Items
17. (Treatment of Fixed Assets & Depreciation in Balance Sheet) How would you show the following items in the Balance sheet of ABC Limited as at 31st March, 2018.
(i) Total Depreciation to date as on 1st April 2017 Rs 5,00,000.
(ii) Written down value of fixed assets as on 1st April 2017 Rs 10,00,000
(ii) Depreciation to be written off at 25% p.a. on written down value.
Balance Sheet of ABC Limited as on 31st March 2018
| Particulars |
Note no. | Amount |
|---|---|---|
| II Asses | ||
| 1. Non-current Assets | ||
| Fixed Assets | ||
| Tangible Assets | 1 | 7,50,000 |
| Total | 7,50,000 |
Notes to accounts
| Particulars |
Note no. | Amount |
|---|---|---|
| 1. Tangible Assets | ||
| Cost Tangible Assets (Rs 10,00,000 + Rs 5,00,000) (Value of Fixed Assets + Depreciation charged in the previous year) |
15,00,000 | |
| Less: Depreciation During the Year Rs10,00,000×25/100 | 2,50,000 | |
| Depreciation charges in the previous year | 5,00,000 | |
| 7,50,000 |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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