Question

24. On 1st April, 2015, Pandit Bros. purchased a machinery by cheque for* 4,80,000 and spen
320,000 on its installation. The depreciation to be provided at the rate of 20% p.a. on
diminishing balance method. Write up the Machinery Account for the years 2015-16 to
2018-19.​

Answer 1

Answer:

On 1st April, 2015, machinery was purchased for Rs 80,000. On 1st April, 2016 new machinery costing Rs 40,000 was purchased. On 30th June, 2017, machinery purchased on 1st April, 2015 was sold for Rs 65,000 and on 30th September, 2017 machinery purchased on 1st April, 2016 was sold for Rs 26,750. On 1st October, 2017 another machinery for Rs 50,000 was acquired. On 1st October, 2018 new machinery costing Rs 40,000 was purchased. Depreciation was charged

p.a. on the Diminishing Balance Method. Prepare Machinery Account for your years ending on 31st March, 2019.

Explanation:

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