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Answer Posted / sumit karn
Depreciation is the gradual decrement on the assets .There
are 9 methods of depreciation .Out of that two are commonly
used .i.e
1) Straight line Method
2) Written Down method or Diminishing Method.
| Is This Answer Correct ? | 21 Yes | 2 No |
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Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
