From the following transactions of a concern, prepare Machinery Account for the year ending 31st March, 2023
From the following transactions of a concern, prepare Machinery Account for the year ending 31st March, 2023:-
[Ans. Balance of Machinery on 31-3-2023, ₹ 64,000.]
| 2022 | |
| April 1 | Purchased a second-hand machinery for ₹ 40,000. |
| April 1 | Spent ₹ 10,000 on repairs for making it serviceable. |
| Sept 30 | Purchased additional new machinery for ₹ 20,000. |
| Dec 31 | Repairs and renewals of machinery ₹ 2,000. |
| 2023 | |
| March 31 | Depreciate the machinery at 10% p.a. |
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