Following balances exist in the books of Amrit as on 1st April, 2022:
|2022 1st April||
Provision for Depreciation A/c
On 1st April, 2022, they sold a machinery for ₹ 8,400 which was purchased on 1st April, 2018 for ₹ 16,000.
You are required to prepare the Machinery A/c, Provision for Depreciation A/c and Machinery Disposal A/c for the year ended 31st March, 2023. Depreciation was charged at 10% on Cost following SLM.