A company had a balance of Rs.4,0,5000 on 1st January 2018 in its machinery account,10% per annum depreciation was charged by diminishing balance method .On the 1st July 2018 the company sold a part of the machinery for Rs.87,500 ( which was purchased on 1st January 2016 for Rs.1,20,000) and on the same date, the the company purchased new machinery for Rs.2,50,000.On 31st December 2018 the directors of the company decided to adopt the fixed installment 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.
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I think u need to break ur question into different questions, cos I cant really understand it
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