Question

4. Rahul transport purchased trucks of ₹1200000 on 1st January, 2018 and again purchased truck on 30th June, 2019 of ₹200000. On 31st March, 2020 they purchase a truck of ₹80000. And on same date, a Truck that was purchased on 1st January, 2018 (purchase cost of

₹200000), was found to be obsolete due to an accident and was scrapped for ₹50000. Depreciation was charged @10%p.a. by ‘Reducing Balance method’ on 31st March every year. Prepare Truck Account for first two years only and show working notes clearly​

Answer 1

Explanation:

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