a company purchased machinery for rs. 120000 on 1st april 2015 . it further purchased machinery on 1st July 2016 costing rs. 60000. on 1st April 2017 one third portion of the machinery which was purchased on 1st april 2015 became obsolete and sold for rs. 35000 .Company charges depreciation at the rate 10% per annuam on written down value method. Prepare machinery account for 3 year assuming books are closed on 31st march every year.
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Explanation:
profit is calculated by comparing book value & selling price
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