26 Enter the following transactions in the Purchases Book of Bharat Furniture House, Delhi: Feb 3 Bought goods from Rajat Furniture House, Delhi vide Invoice No. 053 25 Chairs @ 400 each 20 Tables @ 800 each Less: 10% Trade Discount Feb 9 Purchased from Jasmine Furniture's, Rohtak 5 Sofa sets @ 4,000 each 5 Centre Tables @ 2,000 each Less: 15% Trade Discount. Feb 21 Purchased delivery van for ₹1,50,000 from Mahindra Sons on two month credit. Feb 25 Bought goods from Goyal Furniture House vide cash memo no. 103 30 Almirahs @ 5,000 each.

Byju's AnswerStandard IXMathematicsComputation of Income TaxOn 1st April,...QuestionOn 1st April, 2015, furniture costing ₹ 55,000 was purchased. It is estimated that its life is 10 years at the end of which it will be sold for ₹ 5,000. Additions are made on 1st April 2016 and 1st October, 2018 to the value of ₹ 9,500 and ₹ 8,400 (Residual values ₹ 500 and ₹ 400 respectively). Show the Furniture Account for the first four years, if Depreciation is written off according to the Straight Line Method.SolutionFurniture AccountDr.Cr.DateParticularsJ.F.Amount(₹)DateParticularsJ.F.Amount(₹)20152016April 01Bank (F1)55,000March 31Depreciation (F1)5,000March 31Balance c/d (F1)50,00055,00055,00020162017April 01Balance b/d (F1)50,000March 31DepreciationApril 01Bank (F2)9,500F15,000F29005,900March 31Balance c/dF145,000F28,60053,60059,50059,50020172018April 01Balance b/dMarch 31DepreciationF145,000F15,000F28,60053,600F29005,900March 31Balance c/d

HomeTown offers a furniture exchange program where you can trade in your old furniture for a discount on new furniture. For example, if the exchange value of an old bed is ₹30,000, you can buy up to ₹1,20,000 to get a 25% discount. You can also get up to 15% off on select furniture without exchanging.

(i) D. Mahapatra commenced business with cash ₹ 50,000 and ₹ 1,00,000 by cheque; goods ₹ 60,000; machinery ₹ 1,00,000 and furniture ₹ 50,000.(ii) 1/3rd of above goods sold at a profit of 10% on cost and half of the payment is received in cash.

The following transactions are given May      1: Business started with cash of 150002: Goods purchased for cash 50003: Purchased goods from Mr. Agrawal 10005: Paid to Mr. Agrawal 10009: Paid for postage 12011: Deposited into bank 700014: Sold goods on credit to Ram 150015: Received cash from Ram 100019: Paid telephone charges of 6024: Purchased Furniture 3000029: Cash sales 90030: Received from Ram 50031: Paid salaries for the month of 15031: Purchase government securities 50031: Paid for advertising by cheque 150Required:  Journal Entries

Woodland Ltd is a home furniture retailer and wholesaler selling affordable home furniture. During the year ended 30 June, it made the following purchases of home office desks:Date # Units Price ($)July 250 30September 300 42November 350 50April 380 30As at 1 July, Woodland Ltd had 25 desks in inventory, which were costed at $450 per unit. As at 30 June, an inventory count revealed 29 desks in inventory.RequiredCompare the value of the desks on hand as at 30 June to be included in the inventory balance on the statement of financial position, under the following cost flow assumptions:i)FIFOii)Weighted-average