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Question -

On January 01, 2011, Satkar Transport Ltd, purchased 3 buses for Rs 10,00,000 each. On July 01, 2013, one bus was involved in an accident and was completely destroyed and Rs 7,00,000 were received from the Insurance Company in full settlement. Depreciation is writen off @15% p.a. on diminishing balance method. Prepare bus account from 2011 to 2014. Books are closed on December 31 every year.



Answer -

Books of Satkar Transport Ltd.

Bus Account

Dr.

 

 

 

 

 

 

Cr.

Date

Particulars

J.F.

Amount 

Rs

Date

Particulars

J.F.

Amount 

Rs

2011

 

 

 

2011

 

 

 

Jan.01

Bank

 

30,00,000

Dec.31

Depreciation

 

4,50,000

 

 

 

 

Dec.31

Balance c/d

 

25,50,000

 

 

 

 

 

 

 

 

 

 

 

30,00,000

 

 

 

30,00,000

 

 

 

 

 

 

 

 

2012

 

 

 

2012

 

 

 

Jan.01

Balance b/d

 

25,50,000

Dec.31

Depreciation

 

3,82,500

 

 

 

 

Dec.31

Balance c/d

 

21,67,500

 

 

 

25,50,000

 

 

 

25,50,000

 

 

 

 

 

 

 

 

2013

 

 

 

2013

 

 

 

Jan.01

Balance b/d

 

21,67,500

July.01

Depreciation (6 months)

 

54,187

July.01

Profit and Loss (Profit)

 

31,687

July.01

Insurance Co. (Insurance claim)

 

7,00,000

 

 

 

 

Dec.31

Depreciation

 

2,16,750

 

 

 

 

Dec.31

Balance c/d

 

12,28,250

 

 

 

21,99,187

 

 

 

21,99,187

 

 

 

 

 

 

 

 

2014

 

 

 

2014

 

 

 

Jan.01

Balance c/d

 

12,28,250

Dec.31

Depreciation

 

1,84,237

 

 

 

 

Dec.31

Balance c/d

 

10,44,013

 

 

 

12,28,250

 

 

 

12,28,250

 

 

 

 

 

 

 

 

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