Q.32 You are given the following balances as on April 1, 2015
Machinery a/c rs. 10,00,000
Provision for Depreciation a/c rs.2,16,000
Depreciation on charge on machinery at 40% p.a. by the diminishing
balance method. A piece of machinery purchased on April 1,2013 for
rs.200,000 was sold on October 1,2015 for 120,000. Prepare the Machinery
account and provision for Depreciation Account for the year ended 31 st
March,2016 also prepare Machinery Disposal Account.
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Answer:
. 10,00,000
Provision for Depreciation a/c rs.2,16,000
Depreciation on charge on machinery at 40% p.a. by the diminishing
balance method. A piece of machinery purchased on April 1,2013 for
rs.200,000 was sold on October 1,2015 for 120,000. Prepare the Machinery
account and provision for Depreciation Account for the year ended 31 st