Question

A Company, which closes its books on 31st March every year, purchased on 1st July, 2010,

machinery costing Rs. 30,000. It purchased further machinery on 1st January, 2011, costing Rs. 20,000

and on 1st October, 2011, costing Rs. 10,000. On 1st April, 2012, one-third of the machinery installed on

1st July, 2010, became obsolete and was sold for Rs.3,000.

Show how the machinery account would appear in the books of the Company, it being given that

machinery was depreciated by Diminishing Balance Method at 10% per annum. What would be the

balance of Machinery Account on 1st April, 2013 if the accounting year of the company ends on 31st December every year.​

Answer 1

Answer:

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