The table below is an extract from the assets side of balance sheet of PQR Limited as on $31-$

March$-2011.$

Motor Vehicles: $500,000$

Accumulated Depreciation $100,000$

$400,000$

On $30$ September $2011$ the company sold the old Motor Vehicle for $`425,000.$ This Motor

Vehiclewas purchased on $1-$April $2009$ for $`500,000$ and the estimated life was expected to be $10$

years. The company purchased a new Motor Vehicle on $1$ January $2012$ for $`600,000$ and the

expected life of the new Motor Vehicle was expected to be $10$ years.

Show the relevant entriesrelating to Motor Vehicles $-$ original cost, accumulated depreciation,

depreciation expenses and profit$/$loss on sale of assets, in the income statement for the year ending

$31$ March $2012$ and in the balance sheet as on $31$ March $2012.$ You are not required to show cash

changes during the year.