According to which concept, depreciation is to be charged as per … - Vidyadip

Question

According to which concept, depreciation is to be charged as per one particular method year after year?

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Answer

Concept of Consistency.

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Open a 'T' shape account of creditor, 'Rakesh', and write the following transactions on the proper side:

S.No		₹
i	Goods purchased from Rakesh on credit	50,000
ii	Goods returned to Rakesh for	5,000
iii	Paid to Rakesh	20,000
iv	Purchase goods from Rakesh on credit	10,000

What is Noting of a bill of exchange.

What is meant by renewal of a bill of exchange?

Open a 'T' shape account of debtor 'Brij' and write the following transactions on the proper side:

S.No		₹
i	Sold goods to Brij on credit	25,000
ii	Cash received from Brij Discount allowed to him	10,000 500
iii	Goods returned by Brij	5,000

Why the full cost of an asset is not treated as an expense in the year of its purchase?

Open 'T' shape account for Machinery and write the following on the proper side:

		(₹)
i.	Machinery purchased for	5,00,000
ii.	Machinery sold	1,20,000
iii.	Machinery discarded	50,000
iv.	New Machinery purchased	2,00,000
v.	Machinery destroyed	40,000

State reasons for the following:
The Cash Account and the Bank Account are not posted in the Ledger.

$X$ started a business on $1^{\text {st }}$ April, $2013$ with a Capital of $₹ 1,00,000$ and a loan of $₹ 50,000$ from the bank. On $31^{\text {st }}$ March, $2014$, his assets were ₹ $1,75,000$. Find out his Capital as on $31^{\text {st }}$ March, $2014$ and profit earned during the year $2013-14.$

Prepare a Purchase Book with atleast two items in it and show its posting.

Prepare accounting equation from the following:

Started business with cash ₹ 50,000 and goods ₹ 30,000.
Purchased goods for cash ₹ 30,000 and on credit from Karan ₹ 20,000.
Goods costing ₹ 40,000 were sold for ₹ 55,000 for cash.
Withdrew cash for personal use ₹ 10,000.
Rent outstanding ₹ 2,000.