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Question -

On October 01, 2011 Juneja Transport Company purchased 2 Trucks for Rs 10,00,000 each. On July 01, 2013, 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, 2013 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, 2014 company purchased a fresh truck for Rs 12,00,000. Depreciation is to be provided at 10% p.a. on the written down value every year. The books are closed every year on March 31. Give the truck account from 2011 to 2014.



Answer -

Books of Juneja Transport Company

 Truck Account

Dr.

 

 

 

 

 

 

Cr.

Date

Particulars

J.F.

Amount

 Rs

Date

Particulars

J.F.

Amount 

Rs

2011

 

 

 

2012

 

 

 

Oct.01

Bank

 

20,00,000

Mar.31

Depreciation

 

1,00,000

 

 

 

 

Mar.31

Balance c/d

 

19,00,000

 

 

 

 

 

 

 

 

 

 

 

20,00,000

 

 

 

20,00,000

 

 

 

 

 

 

 

 

2012

 

 

 

2013

 

 

 

Apr.01

Balance b/d

 

19,00,000

Mar.31

Depreciation

 

1,90,000

 

 

 

 

Mar.31

Balance c/d

 

17,10,000

 

 

 

19,00,000

 

 

 

19,00,000

 

 

 

 

 

 

 

 

2013

 

 

 

2013

 

 

 

Apr.01

Balance b/d

 

17,10,000

Jul.01

Depreciation (3 Month on one Truck)

 

21,375

 

 

 

 

Jul.01

Bank (Insurance Claim)

 

6,00,000

2014

 

 

 

Jul.01 

Profit and Loss (loss)

 

2,33,625

Jan.31

Bank

 

12,00,000

 

 

 

 

 

 

 

 

Dec.31

Depreciation (9 Month on II Truck)

 

64,125

 

 

 

 

Dec.31

Bank

 

1,50,000

 

 

 

 

Dec.31

Profit and Loss (Loss)

 

6,40,875

 

 

 

 

2014

 

 

 

 

 

 

 

Mar.31

Depreciation (2 Months)

 

20,000

 

 

 

 

Mar.31

Balance c/d

 

11,80,000

 

 

 

 

 

 

 

 

 

 

 

29,10,000

 

 

 

29,10,000

 

 

 

 

 

 

 

 

 

Truck – 1

 

 

Opening Balance

–

Depreciation

=

Closing Balance

Oct.01, 2011

10,00,000

–

50,000 (6 Months)

=

9,50,000

Apr.01, 2012

9,50,000

–

95,000

=

8,55,000

Apr.01, 2013

8,55,000

–

21,375 (3 Months)

=

8,33,625

  

Value on July 01, 2013

=

8,33,625

Insurance Claim

=

–  6,00,000

Loss on Truck – 1

=

Rs 2,33,625

 

 Truck – 2

 

 

Opening Balance

–

Depreciation

=

Closing Balance

Oct.01, 2012

10,00,000

–

50,000 (6 Months)

=

9,50,000

Apr.01, 2012

9,50,000

–

95,000

=

8,55,000

Apr.01, 2013

8,55,000

–

64,125 (9 Months)

=

7,90,875

  

Value on Dec.31, 2013

=

7,90,875

Sale of Truck

=

–  1,50,000

Loss on Truck – 2

=

Rs 6,40,875

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