Question

A company had a balance of Rs.4,0,5000 on 1"January 2018 in its machinery account 10% per annum depreciation was charged by diminishing balance method .On the 1" July ,2018 the company sold a part of the machinery for Rs.87,500 ( which was purchased on 1" January 2016 for Rs.1,20.000) and on the same date, the company purchased a new machinery for Rs.2,50,000 .On 3I" December ,2018 the directors of the company decided to adopt the fixed instalment method of depreciation as per AS-10 Revised) instead of diminishing balance method; the rate of depreciation remaining the same. Prepare Machinery Account in the books of the company for the year ended 2018.​

Answer 1

Explanation:

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