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Chandra Ltd. purchased a second-hand machine for ₹ 2,68,000 plus CGST and SGST @ 6% each on 1st July, 2021. They spent ₹ 32,000 on its overhaul and installation

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Anurag Pathak30.77K 51 seconds ago 0 Comments

Chandra Ltd. purchased a second-hand machine for ₹ 2,68,000 plus CGST and SGST @ 6% each on 1st July, 2021. They spent ₹ 32,000 on its overhaul and installation. Depreciation is written off 10% p.a. on the original cost. On 1st February, 2025, the machine was found to be unsuitable and sold for ₹ 1,85,000. Prepare the Machinery A/c for four years assuming that accounts are closed on 31st March.

[Ans. Loss on sale of Machine ₹ 7,500.]

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Anurag Pathak

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Chandra Ltd. purchased a second-hand machine for ₹ 2,68,000 plus CGST and SGST @ 6% each on 1st July, 2021. They spent ₹ 32,000 on its overhaul and installation

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