Depreciation Question with answer


Shantikunj Company, Rajoli purchased furniture worth Rs.  38,400 and paid Rs. 1,600 for installation charges on 1stJanuary, 2004.                                        (10)
          On 31st March every year, the company charged depreciation @ 10% p.a. on original cost.
          On 1stOct.2004 the company purchased an additional furniture costing Rs. 24,000.
          The company sold furniture for Rs.  31,500 on 31stDecember 2005, which was purchased on 1st January 2004.
          Company purchased a new furniture worth Rs.  20,000 on 31st March, 2006.
          You are required to prepare Furniture account and depreciation account for the years 2003-2004, 2004-2005 and 2005-2006.
In the books of Shantikunj Company
Date
Particulars
JF
Amt Rs.
Date
Particulars
JF
Amt Rs.

1-1-04


To Cash / Bank A/c





By Depreciation A/c
By Balance c/d



1,000
39,000
40,000
31-3-04
31-3-04

40,000
40,000








1-4-04
1-10-04


To balance b/d
To Cash / Bank A/c



39,000
24,000
31-3-05

31-3-05

By Depreciation A/c
(4000 + 1200)
By Balance c/d


5,200

57,800
63,000
63,000








1-4-05
31-3-06


To balance b/d
To Cash / Bank


57,800
20,000
31-12-05
31-12-05
31-12-05
31-3-06
31-3-06
By Cash / Bank A/c
By Profit & Loss A/c
By Depreciation A/c
By Depreciation A/c
By Balance c/d

31,500
500
3,000
2,400
40,400
77,800
77,800








1-4-06
To balance b/d

40,400







40,400



40,400
Depreciation A/c.
Date
Particulars
JF
Amt Rs.
Date
Particulars
JF
Amt Rs.
31-3-04
To Furniture A/c

1,000
31-3-04
By Profit & Loss A/c

1,000



1,000



1,000
31-3-05
To Furniture A/c

5,200
31-3-05
By Profit & Loss A/c

5,200



5,200



5,200
31-12-05
To Furniture A/c
To Furniture A/c

3,000
2,400
31-3-06
By Profit & Loss A/c

5,400



5,400



5,400
Working Note  :-
To find Profit or loss on sale of Furniture
Original cost as on 1-1-04                    40,000
(-) Depreciation           (3 months)           1,000
Book value as on 1-1-04                        39,000
(-) 10% Dep.  (2004 – 05)                          4,000
Book Value as on 1-4-05                        35,000
(-) Depreciation (9 months)                     3,000
Book value as on 31-12-05                   32,000
Less: Selling Price                                 31,500
Loss on Sale                                               500

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