Journal Entries

452 views 1 replies

What are the journal entries to be passed in 2010-11 A/cs?

In 2009-10 we purchase an asset for RS-10000 for credit base and charge depreciation RS-500 in 2009-10

In 17-june-2011 we  return the asset due to non functioning, No amount is paid till the date of return and no amount is payable because of return.

Replies (1)

You should charge depreciation for the year ending 31st march 2011 of Rs. 475

 

And when the machine is returned pass the entry:-

Creditor A/c Debit  10000

      to Asset Account          9025  (10000-500-475)

       to Depreciation            975


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register