Given that the value of furniture on $1 - 1 - 2001$ is $R s . 80, 000$ furniture purchased during the year is $R s . 40, 000$ , sale of furniture on no loss on profit basis is $R s . 20, 000$ and the furniture is valued at $R s . 70, 000$ on $31.12.2001$ , the depreciation for the year $2001$ will be _______________.

R s . 10, 000

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R s . 30, 000

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R s . 50, 000

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R s . 70, 000

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Solution

The correct option is B $R s . 30, 000$
Depreciation = opening value + purchase - sale - closing value
= 80000 + 40000 - 20000 - 70000
= 30000.

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Q. Given that the value of furniture on 1.1.93 is Rs. 8,000, furniture purchased during the year is Rs. 4,000, sale of furniture no loss no profit basis is Rs. 2,000, and the furniture is valued at Rs. 7,000 on 31.12.93, the depreciation for the year 1993 will be:

Q. Given: Net profit during the year Rs. 1,00,000; Depreciation Rs. 20,000; Profit on sale of furniture Rs. 10,000; Loss on sale of machinery Rs. 30,000. What is the amount of funds from operations?

Krishna Kulkarni has not kept proper books of accounts prepare the statement of profit or loss for the year ending December 31, 2011 from the following information:

	April. 01, 2016		March. 31, 2017
		Rs		Rs
Cash in hand		10,000		36,000
Debtors		20,000		80,000
Creditors		10,000		46,000
Bills receivable		20,000		24,000
Bills payable		4,000		42,000
Car		–		80,000
Stock		40,000		30,000
Furniture		8,000		48,000
Investment		40,000		50,000
Bank balance		1,00,000		90,000

The following adjustments were made:

(a) Krishna withdrew cash Rs 5,000 per month for private use.

(b) Depreciation @ 5% on car and furniture @10%.

(d) Fresh Capital introduced during the year Rs 30,000.

Azad Ltd purchased furniture on October 1, 2002, for Rs 4,50,000. On March 1, 2003, it purchased another furniture for Rs 3,00,000. On July 1, 2004, it sold it off the first furniture purchased in 2002 for Rs 2,25,000. Depreciation is provided at $15 %$ per annum on written down value method each year. Accounts are closed each year on March 31. Prepare Furniture account and Accumulated depreciation account for the years ended on March 31, 2003, March 31, 2004, and March 31, 2005. Also, give the above two accounts if Furniture disposal account is opened.

Show the accounting equation on the basis of the following transactions.

1. Mr. Rohit Kulkarni started business with cash Rs 70,000
2. Bought goods from sanjay Rs 1,000.
3. Sold goods to Shyam for Rs 50,000 (costing Rs 30,000).
4. Goods destroyed by fire (cost Rs 500, sale Price Rs 600).
5. Purchased Furniture from J.K Furniture on credit Rs 5,000.

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Given that the value of furniture on 1−1−2001 is Rs.80,000 furniture purchased during the year is Rs.40,000, sale of furniture on no loss on profit basis is Rs.20,000 and the furniture is valued at Rs.70,000 on 31.12.2001, the depreciation for the year 2001 will be _______________.

The correct option is B Rs.30,000Depreciation = opening value + purchase - sale - closing value = 80000 + 40000 - 20000 - 70000 = 30000.

The correct option is B $R s . 30, 000$
Depreciation = opening value + purchase - sale - closing value
= 80000 + 40000 - 20000 - 70000
= 30000.