On April 01, 2019 Jain & Sons purchased a second hand plant costing ₹ 2,00,000 and spent ₹ 10,000 on its overhauling. He also spent ₹ 5,000 on transportation and installation of the plant.

On April 01, 2019 Jain & Sons purchased a second hand plant costing ₹ 2,00,000 and spent ₹ 10,000 on its overhauling. He also spent ₹ 5,000 on transportation and installation of the plant. It was decided to provide for depreciation @ 20% on written down value.

The plant was destroyed by fire on Oct. 31, 2022 and an insurance claim of ₹ 50,000 was admitted by the insurance company. Prepare plant account assuming that the company closes its books on March 31, every year.

[Ans. Loss by Fire ₹ 47,237.]