A Van was purchased on 1st April, 2020 for ₹ 60,000 and ₹ 5,000 was spent on its repair and registration. On 1st October, 2021 another Van was purchased for ₹ 70,000

A Van was purchased on 1st April, 2020 for ₹ 60,000 and ₹ 5,000 was spent on its repair and registration. On 1st October, 2021 another Van was purchased for ₹ 70,000. On 1st April, 2022, the first van purchased on 1st April, 2020 was sold for ₹ 45,000 and a new van costing ₹ 1,70,000 was purchased on the same date. Show the Van Account from 2020 – 21 to 2022 – 23 on the basis of Straight Line Method, if the rate of Depreciation charged is 10% p.a. Assume that book are closed on 31st March every year.

[Balance of Van A/c: ₹ 2,12,500 (Van II: ₹ 59,5000 + Van III: ₹ 1,53,000); Loss on Sale of Van – ₹ 7,000.]