Page 241 - DMGT104_FINANCIAL_ACCOUNTING

Unit 10: Accounting and Depreciation for Fixed Assets

Solution: Notes
Lease Account
Date Particulars ( ) Date Particulars ( )
2005 2005
April 1 To Bank A/c 4,00,000 March 31 By Balance c/d 4,00,000
2006 2006
April 1 To Balance b/d 4,00,000 March 31 By Balance c/d 4,00,000
2007 2007
April 1 To Balance b/d 4,00,000 March 31 By Depreciation Fund
A/c 4,00,000

Depreciation Fund Account
Date Particulars ( ) Date Particulars ( )
2006 2006
March 31 To Balance c/d 1,19,333 March 31 By Profit & Loss A/c 1,19,333
2007 2007
March 31 To Balance c/d 2,38,666 April 1 By Balance b/d 1,19,333
2007
March 31 By Profit & Loss A/c 1,19,333
2,38,666 2,38,666
2008 2006
March 31 To Lease A/c 4,00,000 April 1 By Balance b/d 2,38,666
March 31 By Profit & Loss A/c 1,19,333
By Depreciation Fund 42,001
Insurance Policy
4,00,000 4,00,000

Depreciation Fund Insurance Policy Account
Date Particulars ( ) Date Particulars ( )
2006 2006
March 31 To Bank (Premium on 1,19,333 March 31 By Balance c/d 1,19,333
Policy)
2006 2007 2,38,666
April 1 To Balance b/d 1,19,333 March 31 By Balance c/d
2007
March 31 To Bank A/c 1,19,333
2,38,666 2,38,666
2007 2008 4,00,000
April 1 To Balance c/d 2,38,666 March 31 By Bank A/c
2008
March 31 To Bank A/c 1,19,333
March 31 To Depreciation Fund
A/c. 10,501
4,00,000 4,00,000

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