Question
According to which concept, depreciation is to be charged as per one particular method year after year?
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2017
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Nov. 3
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Purchased goods from Sachdeva Furniture Store, New Delhi :
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50 Chairs @ ₹ 2,000 each
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5 Tables @ ₹ 10,000 each
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Nov. 10
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Purchased furniture from Mahadeva & Co., Jaipur (Rajasthan) valued ₹ 2,00,000, less $12\frac{1}{2}\%$ Trade Discount
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Nov. 18
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Purchased furniture from Fashion Furniture House, Chandigarh of the list price of ₹ 2,50,000, less 15%
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Nov. 20
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Purchased from India Furniture House, New Delhi:
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100 Chairs @ ₹ 1,800 each
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Nov. 25
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Purchased from Mohan Lal & Sons furniture of the value of ₹ 20,000 for cash
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(₹)
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(a)
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Started Business with Cash
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1,20,000
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(b)
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Purchased goods for cash
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10,000
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(c)
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Rent received
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5,000
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(d)
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Salary outstanding
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2,000
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(e)
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Received interest
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700
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(f)
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Sold goods for cash (costing ₹ 5,000)
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7,000
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(g)
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Goods destroyed by fire
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500
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| S.no | ₹ | |
| (i) | Sunil started business with cash | 1,50,000 |
| (ii) | Opened a Bank Account by depositing ₹ 25,000 out of cash | |
| (iii) | He sold his personal car for ₹ 50,000 and deposited the amount in the firm's Bank Account | |
| (iv) | He purchased a building and furniture for | 1,00,000 |
| (v) | He purchased goods from Ram on credit | 50,000 |
| (vi) | He paid cartage | 500 |
| (vii) | He sold to Shyam on credit goods costing ₹ 6,000 for | 9,000 |
| (viii) | Received rent from tenants | 1,000 |
| (ix) | Received security deposit from tenants | 1,500 |
| (x) | Purchased stationery for cash | 100 |
| (xi) | Invested in shares (personal) | 50,000 |
| (xii) | Received interest in cash | 200 |
| (xiii) | Introduced fresh capital | 25,000 |
| (xiv) | Goods destroyed by fire | 500 |