The Sameer Transport Company purchased 10 Trucks at ₹ 90,000 each on 1st April 2019. On 1st October 2021 one of the Trucks was involved in an accident and is completely destroyed

The Sameer Transport Company purchased 10 Trucks at ₹ 90,000 each on 1st April 2019. On 1st October 2021 one of the Trucks was involved in an accident and is completely destroyed. ₹ 56,200 was received from the Insurance company in full settlement. On the same date another truck was purchased by the company for the sum of ₹ 1,00,000. The company writes off 20% per annum on the Diminishing Balance Method. The company maintains the calendar year as its financial year. Show the Truck Account for four years ending 31st December, 2022.

[Ans. Gain on one Truck ₹ 4,180; Balance of Trucks A/c on 31st Dec., 2022 ₹ 4,28,512.]