Question

0.16. The Sameer Transport Company purchased 10 Trucks at 390,000 each on
Ist April 2011. On 1st October 2013 one of the Trucks was involved in an accident and
is completely destroyed. 256,200 was received from the Insurance company in full
settlement. On the same date another truck was purchased by the company for the sum
of 1,00,000. The company writes off 20% per annum on the Diminishing Balance
Method. The company maintains the calendar year as its financial year. Show the
Truck Account for four years ending 31st December, 2014.
(Ans. Gain on one Truck 24,180; Balance of Trucks A/c on 31st Dec, 2014
31st March, purchased a
8428,512)​

Answer 1

Answer:

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