Shyam purchased on 1st April, 2021, a machine for ₹ 6,000. On 1st October, 2021, he purchased another machine for ₹ 5,000
Shyam purchased on 1st April, 2021, a machine for ₹ 6,000. On 1st October, 2021, he purchased another machine for ₹ 5,000. On 1st October, 2022, he sold the machine purchased on 1st April, 2021 for ₹ 4,000.
It was decided that Depreciation @ 10% p.a. was to be written off every year under Diminishing Balance Method.
Assuming the accounts were closed on 31st March every year, show the Machinery Account for the years ended 31st March, 2022 and 2023.
[Balance on 31st March, 2023 – ₹ 4,275; Loss on Sale of Machine – ₹ 1,130.]
Anurag Pathak Changed status to publish September 27, 2023
