Homework Answers
| Cash Account Dr | 29000 | ||
| Accumulated Depreciation Dr | 28000 | ||
| To Asset Account | 47000 | ||
| To Profit on sale Of Asset | 10000 ( Balancing Figure) |
So Profit on sale of asset = 10000
Working
Calculation of Accumulated Depreciation
Per Year Depreciation = 47000 - 5000 / 6 = 7000
Depreciation 2015 = Asset purchased on 1st April 2015 ,so Depreciation for 9 months only
7000 / 12 x 9 =5250
Depreciation 2016 = 7000
Depreciation 2017 = 7000
Depreciation 2018 = 7000
Depreciation 2019 =Asset sold on 31 / 3 /2019 = So 3 months Depreciation
7000 / 12 x 3 = 1750
So Total Accumulated Depreciation = 28000
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