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Following balances appear in the Book of Paras Bros:
1st April 2021 Machinery A/c Provision for Depreciation A/c 80,000 36,000
On 1st April, 2021, they decided to sell a machine for ₹ 8,700. This machine was purchased for ₹ 16,000 in April, 2017. Prepare the Provision for Depreciation Account and Machinery Account on 31st March, 2022, assuming the firm has been charging Depreciation at 10% p.a. on Straight Line Method. [Loss on Sale of Machinery – ₹ 900; Balance of Provision for Depreciation A/c – ₹ 36000; Balance of Machinery A/c – ₹ 64,000.]
Anurag Pathak Changed status to publish September 27, 2023
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