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How journal entries are made or how to prepare journal entries?
Solution
The solution is as follows −
Journal entries
| Date | Particulars | Dr | Cr |
|---|---|---|---|
| 1-1-2000 | Lease account To Bank account (Being purchase of lease) | 250000 | 250000 |
| Depreciation fund policy account To Bank account (Being the annual premium paid) | 45000 | 45000 | |
| 31-12-2000 | Profit and loss account To depreciation fund account (Being annual depreciation charge) | 45000 | 45000 |
| 1-1-2001 | Depreciation fund policy account To bank account (Being annual premium paid) | 45000 | 45000 |
| 31-12-2001 | Profit and loss account To Depreciation fund account | 45000 | 45000 |
| 1-1-2002 | Depreciation fund policy account To bank account (Being annual premium paid) | 45000 | 45000 |
| 31-12-2002 | Profit and loss account To Depreciation fund account (Being annual depreciation charged) | 45000 | 45000 |
| Bank account To Depreciation fund policy A/c (Being policy money realized on maturity) | 250000 | 250000 | |
| Depreciation fund policy account To Depreciation fund account (Being profit transferred to fund) | 115000 | 115000 | |
| Depreciation fund account To old lease account (Being closure of fund account) | 250000 | 250000 |
Updated on: 29-Sep-2020
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