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On April 01,2015, following balances appeared in the books of M/s Kanishka Traders: Furniture account...

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Accounting

On April 01,2015, following balances appeared in the books of M/s Kanishka Traders: Furniture account 50,000, Provision for depreciation on furniture 22,000. On October 01,2015 a part of furniture purchased for 20,000 in April 01,2011 was sold for 5,000. On the same date a new furniture costing 25,000 was purchased. The depreciation was provided @ 10% p.a. on original cost of the asset and no depreciation was charged on the asset in the year of sale. Prepare furniture account and provision for depreciation account for the year ending March 31,2016. Show your workings clearly.
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