Office Furniture Journal Entry

Assets always have a debit balance and therefore an increase is also recognized via a debit entry.

Office furniture journal entry. Before recording a journal entry it is important to understand different types of accounts maintained under Book-Keeping Accountancy and also three Golden Rules of. Solution for Problem No. Journal entry for paid telephone bill.

Journal Entry For Depreciation. Journal Entry - Purchasing Furniture. Anonymous How we can pass the journal entry for this question.

Which are expected to last more than one year but not for an infinite number of years are subject to depreciation. Iii Paid to staff 40000 against outstanding salary of 60000. Book depreciation was calculated using the double-declining-balance method over an estimated useful life of 10 years for the first 3 years after purchase and accumulated depreciation at December 31 year 3.

As of January 1 2017 it had accumulated depreciation of 41000. The asset entries are entered as negative numbers because the value of each asset is going down. Debit all expenses and losses.

Furniture for 16000 cash. Voucher Type Particulars Debit Amount Credit Amount Narration 1 Journal By Cash Ac To Capital Ac 10000 - - 10000 Being started Business by Proprietor with cash Rs. How we can pass the journal entry by.

Depreciation for the first six months of 2017 is 8000. The example below shows depreciation of both office equipment and furniture. Below journal entry for depreciation assumes that depreciation is charged directly to the asset account.