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P2 C5 Financial Statements of Business Organisations — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C5 Financial Statements of Business Organisations3 Marks
Question
Pass adjustment entry for the following and also show its effect in final accounts: Fixed assets of $Rs.1,00,000$ is purchased on dt. $1-07-2015$. According year of firm is ended on as on $31-03-2016.$ Calculate depreciation at $12%.$
✓

Answer

From $1-7-2015$ to $31-3-2016, 9$ months Depreciation: $1,00,000 \times \frac{9}{12}\times \frac{12}{100}=Rs. 9,000$ Adjustment Entry:
Date Particulars L.F. Debit(Rs.) Credit(Rs.)
  Depreciation A/c Dr.   $9,000$  
  To Fixed Assets A/c     $9,000$
  (Being the adjustment entry for calculation of depreciation on Assets)      
           
• Effect in Final A/c
Dr. Profit and Loss A/c of Shri ........... for the year ending ……… Cr.
Particulars Amt.(Rs.) Particulars Amt.(Rs.)
Depreciation of fixed assets $9,000$    
           
Balance Sheet of Shri ............. as on ...........
Liabilities Amt.(Rs.) Assets Amt.(Rs.)
    Fixed Assets $1,00,000$  
    - Depreciation $9,000$ $91,000$

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