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i have puchase a vehicle on 1st of jan 2006 for Rs 40000
and charegd depriciation @25% P.A and sold vehicle on 31st
of dec,2009 RS 10000 what are the general entries related
to this question.
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Answer Posted / mohammed nayeemuddin
i dont no it is correct are wrong pls...vote for it
purchases: 1 st jan 2006
By vehicle a/c dr - 40000
to cash/bank a/c cr - 40000
depriciation : 31st dec 2009 shows
By depriciation a/c dr -30000
to vehicle a/c cr - 30000
sale of vehicle : on 31cdec 2009
By cash/bank a/c dr - 10000
By Depriciation a/c dr - 30000
To Asset a/c cr - 40000
| Is This Answer Correct ? | 7 Yes | 3 No |
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Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
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