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Selected Reading
Give the journal entry for the sinking fund deprecation method.
Journal entry
| Date | Particulars | Dr | Cr |
|---|---|---|---|
| XX/XX/XXXX | Depreciation A/c To sinking fund A/c (Being depreciation is transferred to sinking fund account) |
XXX | XXX |
| XX/XX/XXXX | Profit and Loss A/c To Depreciation A/c (Being depreciation is charged to profit and loss account) |
XXX | XXX |
| XX/XX/XXXX | Sinking fund investment A/c To Bank A/c (Being amount of depreciation invested) |
XXX | XXX |
| XX/XX/XXXX | Bank A/c To interest on sinking fund investment A/c (Being interest earned on sinking fund investment) |
XXX | XXX |
| XX/XX/XXXX | Bank A/c To sinking fund investment A/c (Being sinking fund investment sold at the end of asset life) |
XXX | XXX |
| XX/XX/XXXX | Sinking fund investment A/c To sinking fund A/c (Being profit on sale of investment transferred to sinking fund) |
XXX | XXX |
| XX/XX/XXXX | Sinking fund A/c To sinking fund investment A/c (Being loss on sale of investment transferred to sinking fund) |
XXX | XXX |
| XX/XX/XXXX | Sinking fund A/c To sinking fund investment A/c (Being loss on sale of investment transferred to sinking fund) |
XXX | XXX |
| XX/XX/XXXX | Sinking fund A/c To asset A/c (Being the book value of asset transferred to the sinking fund) |
XXX | XXX |
| XX/XX/XXXX | Sinking fund A/c To General Reserve A/c (Being surplus in sinking fund transferred to the General reserve) |
XXX | XXX |
| XX/XX/XXXX | Profit and loss A/c To sinking fund A/c (Being deficit in sinking fund transferred to profit and loss A/c) |
XXX | XXX |
Updated on: 2020-09-26T13:51:30+05:30
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