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Question -

On October 01, 2010, a Truck was purchased for Rs 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at 15% p.a. on the diminishing balance basis on this truck. On December 31, 2013 this Truck was sold for Rs 5,00,000. Accounts are closed on 31st March every year. Prepare a Truck Account for the four years



Answer -

Books of Laxmi Transport Ltd.

Truck Account

Dr.

 

 

 

 

 

 

Cr.

Date

Particulars

J.F.

Amount

Rs

Date

Particulars

J.F.

Amount

Rs

2010

 

 

 

2011

 

 

 

Oct.01

Bank

 

8,00,000

Mar.31

Depreciation

 

60,000

 

 

 

 

Mar.31

Balance c/d

 

7,40,000

 

 

 

8,00,000

 

 

 

8,00,000

 

 

 

 

 

 

 

 

2011

 

 

 

2012

 

 

 

Apr.01

Balance b/d

 

7,40,000

Mar.31

Depreciation

 

1,11,000

 

 

 

 

Mar.31

Balance c/d

 

6,29,000

 

 

 

7,40,000

 

 

 

7,40,000

 

 

 

 

 

 

 

 

2012

 

 

 

2013

 

 

 

Apr.01

Balance b/d

 

6,29,000

Mar.31

Depreciation

 

94,350

 

 

 

 

 Mar.31

Balance c/d

 

5,34,650

 

 

 

6,29,000

 

 

 

6,29,000

 

 

 

 

 

 

 

 

2013

 

 

 

2013

 

 

 

Apr.01

Balance b/d

 

5,34,650

Dec.31

Depreciation (9 months)

 

60,148

Dec.31

Profit and Loss (Profit)

 

25,498

Dec.31

Bank

 

5,00,000

 

 

 

5,60,148

 

 

 

5,60,148

 

 

 

 

 

 

 

 

 

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