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Recap of Overview of Financial Statements

Is furniture ...

Question

Is furniture a current asset?

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Solution

No, furniture is considered as a fixed asset in accounting as it provides value to the business in the long term.

Also read:

What Is a Fixed Asset

What Are Current Assets

What Are Current Liabilities

Non Current Liabilities

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Q. On 1st April, 2010, following balances appeared in the books of M/s Krishna Traders:

	₹
Furniture Account	50,000
Provision for Depreciation on Furniture Account	22,000

On 1st October, 2010 a part of Furniture purchased for ₹ 20,000 on 1st April, 2006 was sold for ₹ 5,000. On the same date a new furniture costing ₹ 25,000 was purchased.
The depreciation was provided @ 10% p.a. on original cost of the asset and no depreciation was charged on the asset in the year of sale. Prepare 'Furniture Account' and 'Provision for Depreciation Account' for the year ending 31st March, 2011.

Q. On 1st April, 2018, following balances appeared in the books of M/s Krishna Traders:

	₹
Furniture Account	50,000
Provision for Depreciation on Furniture Account	22,000

On 1st October, 2018 a part of Furniture purchased for ₹ 20,000 on 1st April, 2014 was sold for ₹ 5,000. On the same date a new furniture costing ₹ 25,000 was purchased.
The depreciation was provided @ 10% p.a. on original cost of the asset and no depreciation was charged on the asset in the year of sale. Prepare 'Furniture Account' and 'Provision for Depreciation Account' for the year ending 31st March, 2019.

Q. When furniture is purchased by paying cash, the value of total assets will .

Q. For which of the following asset depreciation can be applied?
(I) Land
(II) Furniture
(III) Machinery

___________ = Non current assets + current assets - current liabilities.

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