A company purchased plant machinery on October
1,2015 Rs. 80,000 it was
decided to impose depreciation at 20% annualized rate on the basis of the value system . create plant and machinery accounts for the years ended March 31, 2016 and 2017.
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1.10.2015 Machine A/c Dr. 80,000
To Bank A/c 80,000
31.03.2016 Depreciation A/c Dr. 8,000
To Machine A/c 8,000
31.03.2016 Depreciation A/c Dr. 16,000
To Machine A/c 16,000
Explanation:
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