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Welcome back to Learn At Ur Desk! We are
doing textbook solution series for TS Intermediate 2nd year Accountancy. We have
started solving Chapter 1 Depreciation Problems and in my Last Post I have
posted the solution for problem #4 and today we are going to solve Problem #5.
Textbook Solution Series (TBS Series)
for Telangana State Board of Intermediate Education (TSBIE) Second Year Accountancy.
Chapter 1: Depreciation
Page #37 problem #5.
Ramana and Brothers purchased furniture for ₹22,000
on 1st July 2009. Erection charges paid for ₹3000 and paid for
carriage ₹5000. Depreciation is to be charged at the rate of 10% on original
cost method. Additions are made to the asset for ₹10,000 on 1st
April 2010. Show the furniture account for three years, assuming that accounts
are closed on 31st March every year.
Working notes.
Cost of furniture = 22,000 + 3000 + 5000 =
30,000.
Furniture is bought in the middle of the year i.e., 1st
July 2009.
Hence, Depreciation for the year ending 31st
March 2010 will be only for 9 Months not for an year.
Depreciation for 2010
= 9 Months
30,000 × 10 ÷ 100 × 9 ÷ 12 = 2,250.
Depreciation for 2011 & 2012
30,000 × 10 ÷ 100 = 3000.
Cost of Additional Furniture = 10,000
Depreciation for 2011 & 2012
10,000 × 10 ÷ 100 = 1000.
Ok that's
it in this problem!
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Click here for Depreciation Problem #4 solution
Click herefor Depreciation Problem #6 solution
If you are
TS Intermediate 1st Year student then go to TSBIE Accountancy I Recording Business Transactions problem
# 1solved!
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