Question
Pass adjustment entry for the following and also show its effect in final accounts: Fixed assets of $Rs.1,00,000$ is purchased on dt. $1-07-2015$. According year of firm is ended on as on $31-03-2016.$ Calculate depreciation at $12%.$
| Date | Particulars | L.F. | Debit(Rs.) | Credit(Rs.) | |
| Depreciation A/c | Dr. | $9,000$ | |||
| To Fixed Assets A/c | $9,000$ | ||||
| (Being the adjustment entry for calculation of depreciation on Assets) | |||||
| Dr. | Profit and Loss A/c of Shri ........... for the year ending ……… | Cr. | |||
| Particulars | Amt.(Rs.) | Particulars | Amt.(Rs.) | ||
| Depreciation of fixed assets | $9,000$ | ||||
| Balance Sheet of Shri ............. as on ........... | ||||
| Liabilities | Amt.(Rs.) | Assets | Amt.(Rs.) | |
| Fixed Assets | $1,00,000$ | |||
| - Depreciation | $9,000$ | $91,000$ | ||
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| Particulars | $31-3-2014$ Amt.(Rs.) | $31-3-2015$ Amt.(Rs.) |
| Subscription outstanding | $2700$ | $3600$ |
| Subscription received in advance | $1800$ | $900$ |
| $1$ | Paid $Rs.500$ for refreshment at inaugural function of shop. |
| $2$ | Purchased necessary books of accounts of $Rs.400$ for business. |
| $3$ | Paid $Rs.200$ for wages and $Rs.100$ for carriage. |