Following balances appeared in the books of Saurabh on 1st April, 2017: Plant and Machinery ₹ 10,00,000 Provision for Depreciation ₹ 3,50,000
Following balances appeared in the books of Saurabh on 1st April, 2017:
On 1st July 2017, he sold a part of machinery for ₹ 1,25,000 which was purchased on 1st October 2015 for ₹ 1,60,000. On the same date, he purchased a new machinery for ₹ 3,00,000. Prepare Plant & Machinery account and provision for depreciation account from 1.4.2017 to 31.3.2019, if depreciation is charged on 10% p.a. by straight line method.
[Ans. Balance of Machinery A/c on 31st March, 2019 ₹ 11,40,000; Balance of Provision for Depreciation A/c on 31st March, 2019 ₹ 5,46,500; Loss on sale of Machinery ₹ 7,000.]
| ₹ | |
| Plant and Machinery | 10,00,000 |
| Provision for Depreciation | 3,50,000 |
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