17. Afirm closes its account books on 31st March every year and writes-off depreciation at 20% per annum on its machinery according to Reducing Balance Method. On 1st April, 2014 the reduced value of machinery was 2,47,020. On 30th June, 2014 the firm sold that machinery for * 12,000 which was purchased on 31st March, 2008 for 44,000 and on 31st Jan., 2015 discarded a machine which was purchased for 15,600 on 30th Sept, 2010. On 1st Aug., 2014 a new machine was purchased for * 19,000. Prepare Machinery Account for the year ended 31st March, 2015 and calculations be made nearest to the rupee. Ans. Loss on sale of machine * 1,697; Loss on discarded machine 35,991; Depreciation for the year 2014-15 * 49,535 (721 + 1,198 + 47,616); Balance of Machinery A/c 1,96,797.
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Answer:
₹53,600
Explanation:
value of machinery was 2,47,020. On 30th June, 2014 the firm sold that machinery for * 12,000 which was purchased on 31st March, 2008 for 44,000 and on 31st Jan
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