On 1st January 2015 Wellman Co. Ltd purchased a machine from Machinery Co Ltd. on the hire-purchase
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On 1st January 2015 Wellman Co. Ltd purchased a machine from Machinery Co Ltd. on the hire-purchase system. The cash price of the machine was ₹33,525. Wellman Co. Ltd. paid ₹9,000 forthwith and ₹9,000 on 31st December every year for three years. Interest at 5% and depreciation at 10% on the diminishing balances were charged. Show the Machine Account, Machinery Co.Ltd. Account and Interest Suspense Account in the books of Wellman Co. Ltd. for three years.
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Year 1 Date Account Description Debit Credit 1st Jan 2015 Machine Purchased machine 33525 Bank Paid ...View the full answer
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Related Book For 
Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
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