Question

On October 1, 2001, Juneja Transport Company purchased 2 trucks for Rs. 10,00,000 each. On July 1, 2003, one truck was involved in an accident and was completely destroyed and Rs. 6,00,000 were received from the insurance company in full settlement. On December 31, 2003, another truck was involved in an accident and destroyed partially, which was not insured. It was sold off for Rs. 1,50,000. On January 31, 2004, company purchased a fresh truck for Rs. 12,00,000. Depreciation is to be provided at 10 % per aunnm on the written down value every year. The books are closed every year on March 31. Give the Truck account from 2001 to 2004.

Answer 1

Dr Truck Account Cr

$\begin{array}{ccccccccc}\text{Date}& \text{Particulars}& \text{JF}& \text{Amt. (Rs)}& \text{Date}& \text{Particulars}& \text{JF}& \text{Amt. (Rs)}& \\ 2001& & & & 2001& & & & \\ \text{Oct 1}& \text{Bank A/c}& & \text{20,00,000}& \text{Mar 31}& \text{Depreciation}& & & \\ & & & & & \text{A/c (@ 10 \% for}& & & \\ & & & & & \text{6 months)}& & 1,00,000& \\ & & & & \text{Mar 31}& \text{Balance c/d}& & \text{19,00,000}& \\ & & & \overline{\underset{–}{20,00,000}}& & & & \overline{\underset{–}{20,00,000}}& \\ 2002& & & & 2003& & & & \\ \text{Apr 1}& \text{Balance b/d}& & \text{19,00,000}& \text{Mar 31}& \text{Depreciation}& & & \\ & & & & & \text{A/c (@ 10 \%}& & & \\ & & & & & \text{for a year)}& & 1,90,000& \\ & & & & \text{Mar 31}& \text{Balance c/d}& & \text{17,10,000}& \\ & & & \overline{\underset{–}{19,00,000}}& & & & \overline{\underset{–}{19,00,000}}& \\ 2003& & & & 2003& & & & \\ \text{Apr 1}& \text{Balance b/d}& & \text{17,10,000}& \text{Jul 1}& \text{Depreciation}& & & \\ 2004& & & & & \text{A/c (for 3}& & & \\ \text{Jan 31}& \text{Bank A/c}& & & & \text{months @ 10 \%}& & & \\ & \text{(Purchase of}& & & & \text{on 8,55,000)}& & \text{21,375}& \\ & \text{New Truck)}& & 12,00,000& \text{Jul 1}& \text{Bank A/c}& & & \\ & & & & & \text{Insurance}& & & \\ & & & & & \text{Company}& & 6,00,000& \\ & & & & \text{Jul 1}& \text{Profit \&}& & & \\ & & & & & \text{Loss A/c (Loss)}& & 2,33,625& \\ & & & & \text{Dec 31}& \text{Depreciation}& & & \\ & & & & & \text{A/c (for 9}& & & \\ & & & & & \text{months @}& & & \\ & & & & & \text{10 \% on 8,55,000}& & \text{64,125}& \\ & & & & \text{Dec 31}& \text{Bank A/c}& & \text{1,50,000}& \\ & & & & \text{Dec 31}& \text{Profit \&}& & & \\ & & & & & \text{Loss A/c (Loss)}& & \text{6,40,875}& \\ & & & & \text{2004}& & & & \\ & & & & \text{Mar 31}& \text{Depreciation}& & & \\ & & & & & \text{A/c (@ 10 \% for}& & & \\ & & & & & \text{2 months on}& & & \\ & & & & & \text{12,00,000)}& & 20,000& \\ & & & & \text{Mar 31}& \text{Balance c/d}& & \text{11,80,000}& \\ & & & \overline{\underset{–}{29,10,000}}& & & & \overline{\underset{–}{29,10,000}}& \end{array}$