On 1st January,2013 Saif Traders purchased machinery for Rs.21,000. Estimated life of machinery is 10 years after which its breakup value (residual value/scrap value) will be Rs. 1,000. Find out the amount of annual depreciation according to fixed installment method and prepare machinery account for first four years.

Answer rating: 100% (QA)

Solution Ann ual depreciation Purchase price Sc rap v... View the full answer