On 1st October, 2020, Rahul Traders purchased a machine for ₹ 25,000 on which he spent ₹ 5,000 for carriage and freight; ₹ 1,000 for brokerage of the middle-man, ₹ 4,000 for installation
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Gurman & Co. purchased machinery for ₹ 40,000 on 1st October, 2020. Depreciation is provided @ 10% p.a. on the Diminishing Balance
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On 1st April, 2020, a machinery was purchased for ₹ 20,000. On 1st October, 2021, another machine was purchased for ₹ 10,000 and on 1st April, 2022, one more machine was purchased for ₹ 5,000
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A company purchased a machine for ₹ 50,000 on 1st October, 2020. Another machine costing ₹ 10,000 was purchased on 1st December, 2021
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Shyam purchased on 1st April, 2021, a machine for ₹ 6,000. On 1st October, 2021, he purchased another machine for ₹ 5,000
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The original cost of furniture amounted to ₹ 4,000 and it is decided to write off 5% on the original cost as Depreciation at the end of each year
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A boiler was purchased from abroad for ₹ 10,000. Shipping and forwarding charges ₹ 2,000, Import duty, ₹ 7,000 and expenses of installation amounted to ₹ 1,000
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Following balances appear in the books of Priyank Brothers:
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Following balances appear in the Book of Paras Bros
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On 1st July, 2019, OM Ltd. purchases second-hand machinery for ₹ 20,000 and spends ₹ 3,000 on reconditioning and installing it. On 1st January 2020, the firm purchases new machinery worth ₹ 12,000.
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