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1. ABC Ltd purchased a machine on 1st April 2020. Details are: Amount Amount Details Invoice price List price Less trade discount Add GST and excise duty Credit available on excise duty Transportation charges to factory Installation cost 5000000 100000 600000 5500000 400000 25000 75000 Expected useful life of the machine is 5 years, estimated residual value is Rs 260000. a. C. Determine the cost of the machine b. Determine the rate of depreciation under the following methods: i. straight line method of depreciation ii. written down value method of depreciation Assume that the company used straight line method of depreciation in the first year. During the third year, the management revised its estimates: remaining useful life to 4 years, estimated residual value to 161200. It also changed the method of depreciation to written down value. Compute the depreciation for the remaining years (3rd year onwards). (1+2+2+5) 2. ABC Ltd incurred the following transactions. Pass journal entries for them