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Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015. Its estimated working life walking life is 10 years and it will fetch 3000 as scrap he further purchased one printer for 44000 on 1st July 2016 the life of printer is estimated as 8 years with 4000 as salvage value on 1 Oct 2018 a scanner was purchased for 31000 the life of scanner was estimated as 7 years with 3000 as scrap. prepare the office equipments account for first 4 years original cost method?
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Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015...
Office Equipments Account for First 4 Years using Original Cost Method
Under this method, the cost of an asset is considered as its original cost and is recorded in the books of accounts. The depreciation is charged on the original cost of the asset and the salvage value is deducted from it at the end of its useful life.
Depreciation is calculated using the straight-line method.
Annual depreciation = (Cost - Salvage Value) / Useful Life
= (63,000 - 3,000) / 10
= Rs. 6,000 per year
Depreciation is calculated using the straight-line method.
Annual depreciation = (Cost - Salvage Value) / Useful Life
= (44,000 - 4,000) / 8
= Rs. 5,000 per year
Original Cost Method
Under this method, the cost of an asset is considered as its original cost and is recorded in the books of accounts. The depreciation is charged on the original cost of the asset and the salvage value is deducted from it at the end of its useful life.
Office Equipment Purchased on 1st April 2015
- Cost of office equipment: Rs. 63,000
- Estimated useful life: 10 years
- Salvage value: Rs. 3,000
Depreciation Calculation for Office Equipment
Depreciation is calculated using the straight-line method.
Annual depreciation = (Cost - Salvage Value) / Useful Life
= (63,000 - 3,000) / 10
= Rs. 6,000 per year
Office Equipment Account for 4 Years
| Date | Particulars | Amount (Rs.) | Depreciation (Rs.) | Balance (Rs.) |
|---|---|---|---|---|
| 1-Apr-15 | Office Equipment A/c Dr. | 63,000.00 | - | 63,000.00 |
| 31-Mar-16 | Depreciation A/c Dr. | 6,000.00 | 6,000.00 | 57,000.00 |
| 31-Mar-17 | Depreciation A/c Dr. | 6,000.00 | 6,000.00 | 51,000.00 |
| 31-Mar-18 | Depreciation A/c Dr. | 6,000.00 | 6,000.00 | 45,000.00 |
| 31-Mar-19 | Depreciation A/c Dr. | 6,000.00 | - | 39,000.00 |
Printer Purchased on 1st July 2016
- Cost of printer: Rs. 44,000
- Estimated useful life: 8 years
- Salvage value: Rs. 4,000
Depreciation Calculation for Printer
Depreciation is calculated using the straight-line method.
Annual depreciation = (Cost - Salvage Value) / Useful Life
= (44,000 - 4,000) / 8
= Rs. 5,000 per year
Printer Account for 4 Years
| Date | Particulars |
|---|
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Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015. Its estimated working life walking life is 10 years and it will fetch 3000 as scrap he further purchased one printer for 44000 on 1st July 2016 the life of printer is estimated as 8 years with 4000 as salvage value on 1 Oct 2018 a scanner was purchased for 31000 the life of scanner was estimated as 7 years with 3000 as scrap. prepare the office equipments account for first 4 years original cost method?
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Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015. Its estimated working life walking life is 10 years and it will fetch 3000 as scrap he further purchased one printer for 44000 on 1st July 2016 the life of printer is estimated as 8 years with 4000 as salvage value on 1 Oct 2018 a scanner was purchased for 31000 the life of scanner was estimated as 7 years with 3000 as scrap. prepare the office equipments account for first 4 years original cost method? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015. Its estimated working life walking life is 10 years and it will fetch 3000 as scrap he further purchased one printer for 44000 on 1st July 2016 the life of printer is estimated as 8 years with 4000 as salvage value on 1 Oct 2018 a scanner was purchased for 31000 the life of scanner was estimated as 7 years with 3000 as scrap. prepare the office equipments account for first 4 years original cost method? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015. Its estimated working life walking life is 10 years and it will fetch 3000 as scrap he further purchased one printer for 44000 on 1st July 2016 the life of printer is estimated as 8 years with 4000 as salvage value on 1 Oct 2018 a scanner was purchased for 31000 the life of scanner was estimated as 7 years with 3000 as scrap. prepare the office equipments account for first 4 years original cost method?.
Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015. Its estimated working life walking life is 10 years and it will fetch 3000 as scrap he further purchased one printer for 44000 on 1st July 2016 the life of printer is estimated as 8 years with 4000 as salvage value on 1 Oct 2018 a scanner was purchased for 31000 the life of scanner was estimated as 7 years with 3000 as scrap. prepare the office equipments account for first 4 years original cost method? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015. Its estimated working life walking life is 10 years and it will fetch 3000 as scrap he further purchased one printer for 44000 on 1st July 2016 the life of printer is estimated as 8 years with 4000 as salvage value on 1 Oct 2018 a scanner was purchased for 31000 the life of scanner was estimated as 7 years with 3000 as scrap. prepare the office equipments account for first 4 years original cost method? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015. Its estimated working life walking life is 10 years and it will fetch 3000 as scrap he further purchased one printer for 44000 on 1st July 2016 the life of printer is estimated as 8 years with 4000 as salvage value on 1 Oct 2018 a scanner was purchased for 31000 the life of scanner was estimated as 7 years with 3000 as scrap. prepare the office equipments account for first 4 years original cost method?.
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Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015. Its estimated working life walking life is 10 years and it will fetch 3000 as scrap he further purchased one printer for 44000 on 1st July 2016 the life of printer is estimated as 8 years with 4000 as salvage value on 1 Oct 2018 a scanner was purchased for 31000 the life of scanner was estimated as 7 years with 3000 as scrap. prepare the office equipments account for first 4 years original cost method?, a detailed solution for Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015. Its estimated working life walking life is 10 years and it will fetch 3000 as scrap he further purchased one printer for 44000 on 1st July 2016 the life of printer is estimated as 8 years with 4000 as salvage value on 1 Oct 2018 a scanner was purchased for 31000 the life of scanner was estimated as 7 years with 3000 as scrap. prepare the office equipments account for first 4 years original cost method? has been provided alongside types of Didar Singh purchased office equipments costing 63000 on 1 st Apr 2015. Its estimated working life walking life is 10 years and it will fetch 3000 as scrap he further purchased one printer for 44000 on 1st July 2016 the life of printer is estimated as 8 years with 4000 as salvage value on 1 Oct 2018 a scanner was purchased for 31000 the life of scanner was estimated as 7 years with 3000 as scrap. prepare the office equipments account for first 4 years original cost method? theory, EduRev gives you an
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