Saraswati Ltd. purchased a machinery costing 10,00,000 on January 01, 2011. A new machinery was purchased
Question:
Saraswati Ltd. purchased a machinery costing ₹ 10,00,000 on January 01, 2011. A new machinery was purchased on 01 May, 2012 for ₹ 15,00,000 and another on July 01, 2014 for ₹ 12,00,000. A part of the machinery which originally cost ₹ 2,00,000 in 2011 was sold for ₹ 75,000 on April 30, 2014. Show the machinery account, provision for depreciation account and machinery disposal account from 2011 to 2015 if depreciation is provided at 10% p.a. on original cost and account are closed on December 31, every year.
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To solve this problem we need to calculate the annual depreciation for each year update the book values of the machinery and also record the disposal ...View the full answer
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Accountancy Financial Accounting Part 1 Textbook For Class 11
ISBN: 9788174505071
1st Edition
Authors: NCERT
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