Prepare the Depreciation Account from the following information given below.
Depreciation to be charge 10% p.a.
1-4-2010 Introduced capital in the Business Rs.50, 00,000.
1-4-2010 Amount deposited into HDFC Bank A/c Rs.20, 00,000.
1-4-2010 Machinery No. I purchased through cheque Rs.10, 00,000
1-12-2010 Machinery No.II purchased through cash Rs.20, 00,000
1-10-2011 Machinery No. I sold for Rs.7, 20,000
31-3-2012 Received Bank interest rs.20000
Creation of Depreciation
Create a New Company (It is not compulasary)
Financial Year From: - 1-4-2010
Books Beginning From: - 1-4-2010
Note: - In case of Depreciation Date Is most important to change.
Receipt F6
1-4-2010 Cr. Capital A/c.............. 50, 00,000
Dr. Cash A/c ................ 50, 00,000
Contra F4
1-4-2010 Cr. Cash A/c................20,00,000
Dr. HDFC Bank A/c.................... 20,00,000
Payment F5
1-4-2010 Dr. Machinery No. I A/c............10,00,000
Cr. HDFC Bank A/c .........................10, 00,000
Payment F5
1-12-2010 Dr. Machinery No. I A/c...............20,00,000
Cr. Cash A/c........................... 20, 00,000
Charging Depreciation for First year end (last Financial Year date 31-3-2011)
Journal F7
First Change Date then post the Deprecation Entry (Press F2)
31-3-2011 Dr. Depreciation A/c..............166667
Cr. Machinery No. I A/c..........................1,00,000
Cr. Machinery No. II A/c...........................66667 (Only 4 MonthDepreciation charge because Machinery No. II purchase date is 1-12-2010)
Copy First year Balance sheet & P/L A/c
First Year Complete
Second year Start
First Change the Period (Press ALT + F2)
Then start entry post
1-10-2011 Machinery No. I sold for Rs.7, 20,000
Journal F7
Change Date (Press F2)
Charging Depreciation Machinery No. I for 6 Month
1-10-2011 Dr. Depreciation A/c........Rs.45,000
Cr. Machinery No. I A/c.............Rs.45,000
Press F12 Allow Cash Account in Journal –Yes
Sold Machinery No. I (Journal F7)
1-10-2011 Dr. Cash A/c...........................Rs.7,20,000
Dr. Profit & Loss A/c.................Rs.1,35,000
Cr. Sold Machinery No. I A/c.....................................Rs.8,55,000
Receipt F6
Change Date (Press F2)
31-3-2012 Cr. HDFC Bank A/c................Rs.20,000
Dr. Interest Received A/c.........................Rs.20,000
Charging Depreciation Remaining Machinery for the Every Year End
Journal F7
Change Date (Press F2)
31-3-2012 Dr. Depreciation A/c.....................Rs.1,93,333
Cr. Machinery No. II A/c........................Rs.1,93,333
Note: - Depreciation Charge only remaining Value of Machinery after charging depreciation.
Some Journal Entry
1. Received on investment Rs.5000.
Cash A/c........................Dr.
To Dividend A/c...........................Cr.
2. Investment purchased through cheque of SBI Rs.15000.
Investment A/c .........................Dr.
To SBI Bank A/c..................................Cr.
3. Rent paid Rs.500 due but not yet paid Rs.1000.
Rent A/c.....................Dr. Rs.500
To cash A/c...........Cr.Rs.500
Rent A/c................................Dr. Rs.1000
To Out Standing Rent A/c...............Cr.Rs.1000
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