On 1st April, 2019, Gurman Toys purchased a machine for ₹ 2,40,000 and spent ₹ 10,000 on its erection. On 1st October, 2019, an additional machinery costing ₹ 1,00,000 was purchased
On 1st April, 2019, Gurman Toys purchased a machine for ₹ 2,40,000 and spent ₹ 10,000 on its erection. On 1st October, 2019, an additional machinery costing ₹ 1,00,000 was purchased. On 1st October, 2021 the machine purchased on 1st April, 2019 was sold for ₹ 1,43,000 and on the same date, a new machine was purchased at a cost of ₹ 2,00,000.
Show the Machinery Account for the first four financinal years after charging Depreciation at 5% p.a. by the Straight Line Method.
[Loss on Sale of Machinery – ₹ 75,750; Balance of Machinery A/c on 1st April, 2023 – ₹ 2,67,500.]
Anurag Pathak Changed status to publish September 27, 2023
