Calculate 12.5% P.A. depreciation on Furniture: on ₹ 2,20,000 for 1 year on ₹ 10,000 for 6 months

Calculate 12.5% P.A. depreciation on Furniture: (a) on ₹ 2,20,000 for 1 year (b) on ₹ 10,000 for 6 months

Question

Calculate 12.5% P.A. depreciation on Furniture:

on ₹ 2,20,000 for 1 year
on ₹ 10,000 for 6 months

Sum

Solution

Depreciation = Amount of asset × Period × %

(a) Depreciation on furniture = `2,20,000 xx 1 xx12.5/100`

= ₹ 27,500

Hence depreciation on furniture for 1 year = ₹ 27,500

(b) Depreciation. on furniture = `10,000 xx 6/12 xx12.5/100`

= ₹ 625

∴ Depreciation on furniture for 6 months = ₹ 625

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Partnership Final Accounts

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Q I. H. 2.Q I. H. 1.Q I. H. 3.

Chapter 1: Introduction to Partnership and Partnership Final Accounts - Exercise 1.1 (Objective Questions) [Page 53]

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Balbharati Book-Keeping and Accountancy [English] Standard 12 Maharashtra State Board

Chapter 1 Introduction to Partnership and Partnership Final Accounts
Exercise 1.1 (Objective Questions) | Q I. H. 2. | Page 53

2022-2023 (March) Official (with solutions)

Q 1.B.1 | 1 mark

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Trial Balance as on 31st March , 2009

Particulars	Debit Amount Rs.	Credit Amount Rs.
Capital A/c's Ajay Vijay		60000 35000
Purchases and Sales	46,700	85,000
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Bills Receivable and payable	5000	6000
Commission	4600	1800
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Insurance	1200
Plant and Machinery	40700
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Bad debts	400
Prepaid Rent	7000
Salaries	10500

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2) Outstanding expenses were wages Rs. 1,400, salaries Rs 800.

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Trial Balance as on 31st March, 2011
Particulars	Amount (₹)	Particulars	Amount (₹)
Opening stock	32,000	Sales	1,93,500
Purchases	64,000	Sundry Creditors	15,000
Plant and Machinery	30,000	Unpaid Wages	1,500
Furniture	18,500	Return outward	2,500
Carriage	1,500	Capital A/c:
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Bills Receivable	5,000	Roshan	50,000
Sundry Debtors	32,000
Conveyance	4,000
Rent, Rates and Taxes	2,000
Return Inward	3,500
Cash in hand	14,750
Land and Building	83,500
Bad debts	1,750
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Adjustments:

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Trial Balance as on 31^st March, 2012

Debit Balance	Amount Rs	Credit Balance	Amount Rs
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Sundry Debtors	84000	Interest on P.F. Investment	2800
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Premises	78000	Rent received	9600
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Discount allowed	2,500
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3) Write off Bad debts of Rs 4,000 and provide for R.D.D. at 5% on sundry debtors.

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Trial Balance as on 31^st March, 2010

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Current A/c-		Capital A/c-
Geeta	4000	Seeta	120000
Opening stock	88,000	Geeta	120000
Purchases	1,76,000	Current A/c- Seeta	5000
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Trial Balance as on 31.03.2013

Particulars	Amount Rs.	Particulars	Amount Rs.
Opening Stock	32,000	Sales	1,93,500
Purchases	64,000	Sundry Creditors	16,500
Plant and Machinery	30,000	Return Outward	2,500
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Conveyance	4,000
Salaries	10,500
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Bad debts	1,750
Patents	25,000
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(3) Depreciate plant and machinery and building at 5% p.a.

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(5) Provide Rs. 1,500 for bad and doubtful debts on debtors.

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