Question 31 Chapter 1 of +2 Part-1 – USHA Publication 12 Class Part – 1

Question 31 Chapter 1 of +2- Part-

Question 31 Chapter 1 of +2-Part-1

31. (Depreciation/GST) From the following information calculate the amount of depreciation to be charged to Income and Expenditure Account for 31-3-2015.

Particulars  01-04-14 31-03-15
Furniture 28,000 42,000

Furniture purchased on the last date of the year Rs.20,000 from another state. IGST applicable on this purchase is 12%.

 

The solution of Question 31 Chapter 1 of +2 Part-1

: – 

 

Amount of Depreciation to be charged to Income and Expenditure Account
Particulars
Amount
Opening balance of furniture    28,000
Add: Purchase of furniture during the year (WN1)   20,000
    48,000
Less: Closing balance of furniture   (42,000)
Sports Fund balance as on 31-3-2015   6,000


Working Note:

1. Entry for purchase of furniture purchased from outside state is :

Particulars
L.F. Debit Credit
Furniture a/c Dr.   20,000  
Input IGST a/c Dr.   2,400  
To Cash/ Vendor       22,400

As furniture purchased on the last date of the year. Hence, the amount of input IGST will be shown and Current Asset in the Balance Sheet and Furniture will be debited only with the cost.

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

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

  • Chapter No. 1 – Accounting Not for Profit Organisations
  • Chapter No. 2 – Partnership Accounts – I
  • Chapter No. 3 – Partnership Accounts – II (Introduction)
  • Chapter No. 4 – Partnership Accounts – III (Goodwill: Nature and Valuation)
  • Chapter No. 5 – Partnership Accounts – IV (Reconstitution of Partnership)
  • Chapter No. 6 – Partnership Accounts – V (Admission of A Partner)
  • Chapter No. 7 – Partnership Accounts – VI (Retirement and Death of A Partner)
  • Chapter No. 8 – Company Accounts (Share Capital)
  • Chapter No. 9 – Company Accounts (Issue of Debentures)
  • Chapter No. 10 – Company Accounts (Redemption of Debentures)

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

  • Chapter No. 1 – Financial Statements of a Company (Balance Sheet Only)
  • Chapter No. 2 – Techniques of Financial Statement Analysis
  • Chapter No. 3 – Ratio Analysis 
  • Chapter No. 4 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 31 Chapter 1 of +2 Part-1 - USHA Publication  12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms

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