On Apr 1 2009,X. Ltd. purchased 5 machines for Rs. 60,000 each. The accounting year of the Company ends on 31st March. Depreciation at the rate of 10% p. a. on initial cost is charged to Profit and Loss Account and credited to a separate ‘Provision for Depreciation Account’. On 1st April 2011, one machine was sold for Rs. 40,000 and on 1st July, 2012 a second machine was sold for Rs. 28,000. Another machine with a higher capacity costing Rs. 1,00,000 was purchased on 1st October, 2012. You are required to prepare Machinery Account, Depreciation Account and Provision for Depreciation Account.

Hashim Posted new comment January 9, 2024

Sir plss solve my ques

Add a Comment