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The value of furniture on 1 April 2008 is 80000, furniture purchased during the year was 40000. During the year some furniture was sold at 15000 and a loss of 5000 occurred, the value of furniture on 31 March 2009 was 70000. Depreciation charged for the year 2008-09 will be on ?
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The value of furniture on 1 April 2008 is 80000, furniture purchased d...
Calculation of depreciation charged for the year 2008-09
To calculate the depreciation charged for the year 2008-09, we need to consider the following factors:
Opening value of furniture: The value of furniture on April 1, 2008, was 80000.
Purchase of furniture: Furniture purchased during the year was 40000.
Sale of furniture: Some furniture was sold during the year for 15000, and a loss of 5000 occurred.
Closing value of furniture: The value of furniture on March 31, 2009, was 70000.
Calculation of depreciation:
To calculate the depreciation charged for the year, we need to know the total value of furniture at the beginning and end of the year, as well as the value of furniture purchased during the year. We can use the following formula to calculate the depreciation charged for the year:
Depreciation = (Opening value + Purchases - Sales - Closing value) / Useful life
Here, the useful life represents the estimated time period over which the furniture will be used, after which it will be deemed to have no value.
Substituting the values in the formula:
Depreciation = (80000 + 40000 - 15000 - 70000) / Useful life
Depreciation = (45000) / Useful life
Interpretation:
The depreciation charged for the year 2008-09 will be based on the value of furniture at the beginning and end of the year, the value of furniture purchased during the year, and any furniture sold during the year. The calculation of depreciation will be based on the estimated useful life of the furniture. The formula used to calculate depreciation is (Opening value + Purchases - Sales - Closing value) / Useful life.
To calculate the depreciation charged for the year 2008-09, we need to consider the following factors:
Opening value of furniture: The value of furniture on April 1, 2008, was 80000.
Purchase of furniture: Furniture purchased during the year was 40000.
Sale of furniture: Some furniture was sold during the year for 15000, and a loss of 5000 occurred.
Closing value of furniture: The value of furniture on March 31, 2009, was 70000.
Calculation of depreciation:
To calculate the depreciation charged for the year, we need to know the total value of furniture at the beginning and end of the year, as well as the value of furniture purchased during the year. We can use the following formula to calculate the depreciation charged for the year:
Depreciation = (Opening value + Purchases - Sales - Closing value) / Useful life
Here, the useful life represents the estimated time period over which the furniture will be used, after which it will be deemed to have no value.
Substituting the values in the formula:
Depreciation = (80000 + 40000 - 15000 - 70000) / Useful life
Depreciation = (45000) / Useful life
Interpretation:
The depreciation charged for the year 2008-09 will be based on the value of furniture at the beginning and end of the year, the value of furniture purchased during the year, and any furniture sold during the year. The calculation of depreciation will be based on the estimated useful life of the furniture. The formula used to calculate depreciation is (Opening value + Purchases - Sales - Closing value) / Useful life.
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The value of furniture on 1 April 2008 is 80000, furniture purchased d...
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The value of furniture on 1 April 2008 is 80000, furniture purchased during the year was 40000. During the year some furniture was sold at 15000 and a loss of 5000 occurred, the value of furniture on 31 March 2009 was 70000. Depreciation charged for the year 2008-09 will be on ?
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The value of furniture on 1 April 2008 is 80000, furniture purchased during the year was 40000. During the year some furniture was sold at 15000 and a loss of 5000 occurred, the value of furniture on 31 March 2009 was 70000. Depreciation charged for the year 2008-09 will be on ? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about The value of furniture on 1 April 2008 is 80000, furniture purchased during the year was 40000. During the year some furniture was sold at 15000 and a loss of 5000 occurred, the value of furniture on 31 March 2009 was 70000. Depreciation charged for the year 2008-09 will be on ? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The value of furniture on 1 April 2008 is 80000, furniture purchased during the year was 40000. During the year some furniture was sold at 15000 and a loss of 5000 occurred, the value of furniture on 31 March 2009 was 70000. Depreciation charged for the year 2008-09 will be on ?.
The value of furniture on 1 April 2008 is 80000, furniture purchased during the year was 40000. During the year some furniture was sold at 15000 and a loss of 5000 occurred, the value of furniture on 31 March 2009 was 70000. Depreciation charged for the year 2008-09 will be on ? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about The value of furniture on 1 April 2008 is 80000, furniture purchased during the year was 40000. During the year some furniture was sold at 15000 and a loss of 5000 occurred, the value of furniture on 31 March 2009 was 70000. Depreciation charged for the year 2008-09 will be on ? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The value of furniture on 1 April 2008 is 80000, furniture purchased during the year was 40000. During the year some furniture was sold at 15000 and a loss of 5000 occurred, the value of furniture on 31 March 2009 was 70000. Depreciation charged for the year 2008-09 will be on ?.
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