On 1st April, 2010, following balances …
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On 1st April, 2010, following balances appeared in the books of m/s Krishna traders :
Furniture a/c. 50,000
Provision for depreciation on furniture a/c. 22,000
On 1st Oct, 2010 a part of furniture purchased for 20,000 on 1st April, 2006 was sold for 5,000. On the same date a new furniture costing 25,000 was purchased. The depreciation was provided @10% p.a. on original cost of the asset and no depreciation was charged on the asset in the year of sale. Prepare 'Furniture account' and provision for depreciation account for the year ending 31st March, 2011.
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