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Question No 3 Chapter No 14 - T.S. Grewal 11 Class

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Question No 3 Chapter No 14

3. On 1st April 2014, furniture costing Rs 55,000 was purchased. It is estimated that its life is 10 years at the end of which it will be sold for Rs 5,000. The addition is made on 1st April 2015 and 1st October 2017 to the value of Rs 9,500 and Rs 8,400( Residual values Rs 500 and RS 400 respectively). Show the furniture Account for the first four years, if Depreciation is written off according to the Straight line Method.

The solution of Question No 3 Chapter No 14: -

Date	Particulars	Amount	Date	Particulars	Amount
Dr.	Machine A/c				Cr.
01/04/14	To Cash A/c	55,000	31/03/15	By Deprecation A/c *1	5,000
			31/03/15	By Balance C/d	50,000
		55,000			55,000
01/03/15	To Balance b/f	50,000	31/03/16	By Deprecation A/c *2	5,900
01/03/15	To Cash A/c	9,400	31/03/16	By Balance C/d	53,500
		59,400			59,400
01/03/16	To Balance b/d	53,500	31/03/17	By Deprecation A/c	5,900
			31/03/17	By Balance C/d	47,600
		53,500			53,500
01/03/17	To Balance b/f	47,600	31/03/18	By Deprecation A/c *3	6,300
01/10/17	To Cash A/c	8,400	31/03/18	By Balance C/d	49,700
		56,000			56,000

Working note:-

*1:- Calculation of the amount of Depreciation on furniture purchased on 1st April 2015

Amount of Depreciation =	Cost of assets- Estimated Realizable or Scrap value
	Number of years of expected useful life

Cost of assets = 55,000
Number of years of expected useful life = 10 years
Estimated Retaliated or Scrap value = 5,000

Amount of Depreciation =	55,000-5,000	= 5,000 per year
	10

*2:- Calculation of amount of Depreciation on furniture purchased on 1st April,2015
Cost of assets = 9,500
Number of years of expected useful life = 10 years
Estimated Retaliated or Scrap value = 500

Amount of Depreciation =	9,500-500	= 900 per year
	10

*3:- Calculation of the amount of Depreciation on furniture purchased on 1st October 2017
Cost of assets = 8,400
Number of years of expected useful life = 10 years
Estimated Retaliated or Scrap value = 400

Amount of Depreciation =	8,400 - 400	= 800 per year
	10

*In this the furniture was purchased on 1st October 2017. So the depreciation will be charged on the month the furniture is used. So the depreciation will be charged from 1st October 2017 to 31st March 2018
Amount of Depreciation = Amount of depreciation in the year X number of the month used / total number of months
= 800X 6/12= 400

https://tutorstips.com/depreciation/

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Also, Check out the solved question of previous Chapters: -

Chapter No. 1 – Introduction to Accounting
Chapter No. 2 – Basic Accounting Terms
Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
Chapter No. 4 – Bases of Accounting
Chapter No. 5 – Accounting Equation
Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
Goods and Services Tax(GST)
Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
Chapter No. 8 – Journal
Chapter No. 9 – Ledger
Chapter No. 10 – Special Purpose Books I – Cash Book
Chapter No. 11 – Special Purpose Books II – Other Books
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 13 – Trial Balance
Chapter No. 14 – Depreciation
Chapter No. 15 – Provisions and Reserves
Chapter No. 16 – Accounting for Bills of Exchange
Chapter No. 17 – Rectification of Errors
Chapter No. 18 – Financial Statements of Sole Proprietorship
Chapter No. 19 – Adjustments in preparation of Financial Statements
Chapter No. 20 – Accounts from incomplete Records – Single Entry System
Chapter No. 21 – Computers in Accounting
Chapter No. 22 – Accounting Software – Tally
Chapter No. 5 - Accounting Equation
Chapter No. 6 - Accounting Procedures - Rules of Debit and Credit
Goods and Services Tax(GST)
Chapter No. 8 - Journal
Chapter No. 9 - Ledger
Chapter No. 10 – Special Purpose Books I – Cash Book