Solve by straight line method
Dear Student,
Your question seems to a bit unclear as you have asked for Straight line method but in the question it is given to solve the question as per Written down method.
Kindly be a little more specific about your question so that we can revert to you with better solution.
Although Asnwer hereunder provided on the assumption that you need solution by Straight Line Method :-
Truck Account :-
Note :- journal entry for purchase of Truck on 1st july 2018 will be :-
Regards
Your question seems to a bit unclear as you have asked for Straight line method but in the question it is given to solve the question as per Written down method.
Kindly be a little more specific about your question so that we can revert to you with better solution.
Although Asnwer hereunder provided on the assumption that you need solution by Straight Line Method :-
Truck Account :-
Date | Particulars | J.F | Amount | Date | Particulars | J.F | Amount |
2017 | 2017 | ||||||
1st Jan | To Bank | 8,00,000 | 31st March | By Depreciation 800,000 x20%x3/12 |
40,000 | ||
By Balance c/d | 7,60,000 | ||||||
8,00,000 | 8,00,000 | ||||||
2017 | 2018 | ||||||
01 apr | To balance b/d | 7,60,000 | 31st march | By Depreciation 800,000 x20% |
160,000 | ||
By balance c/d | 6,00,000 | ||||||
760,000 | 760,000 | ||||||
2018 | 2018 | ||||||
01 Apr | To balance b/d | 600,000 | 01 july | By Depreciation 800,000 x20% x 3/12 |
40,000 | ||
To Profit & Loss A/c | 40,000 | By bank (Insurance) | 6,00,000 | ||||
To Bank | 10,00,000 | 2018 | |||||
31st mar | By Depreciation 10,00,000 x 20% x 9/12 |
150,000 | |||||
By Balance c/d | 850,000 | ||||||
16,40,000 | 16,40,000 | ||||||
2018 | 2019 | ||||||
01 Apr | To balance b/d | 850,000 | 31st March | By Depreciation 10,00,000 x 20% |
200,000 | ||
By Balance c/d | 650,000 | ||||||
850,000 | 850,000 |
Depreciation Account | ||||||
Dr. | Cr. | |||||
Date | Particulars | Amount (Rs) |
Date | Particulars | Amount (Rs) |
|
2017 | 2017 | |||||
Mar. 31 | Truck A/c | 40,000 | Mar. 31 | Profit and Loss A/c | 40,000 | |
40,000 | 40,000 | |||||
2018 | 2018 | |||||
mar. 31 | Truck A/c | 190,000 | Mar. 31 | Profit and Loss A/c | 190,000 | |
190,000 | 190,000 | |||||
2019 | 2019 | |||||
Mar 31 | Truck A/c | 200,000 | Mar 31 | Profit and Loss A/c | 200,000 | |
200,000 | 200,000 | |||||
Note :- journal entry for purchase of Truck on 1st july 2018 will be :-
Date | Particulars | L.F | Debit | Credit |
1st July 2018 | Truck A/c Dr | 10,00,000 | ||
6% CGST a/c Dr | 60,000 | |||
6% SGST a/c Dr | 60,000 | |||
To Bank a/c | 11,20,000 | |||
(Being Truck purchased.) |
Regards