From the following transactions of a concern, prepare the Machinery Account for the year ended 31st March, 2023:
From the following transactions of a concern, prepare the Machinery Account for the year ended 31st March, 2023:
[Balance of Machinery A/c on 1st April, 2023 – ₹ 64,000.]
[Hint: The amount spent on repairs and renewal of machinery ₹ 3,000 on 31st December, 2022 is of revenue nature and not of capital nature and hence, not debited to the Machinery Account.]
| 1st April, 2022 | Purchased a second-hand machinery for ₹ 40,000. |
| 1st April, 2022 | Spent ₹ 10,000 on repairs for making it serviceabale. |
| 30th September, 2022 | Purchased additional new machinery for ₹ 20,000. |
| 31st Decemeber, 2022 | Repairs and renewal of machinery ₹ 3,000. |
| 31st March, 2023 | Depreciate the machinery at 10% p.a. |
Anurag Pathak Changed status to publish September 27, 2023
