Question

A flour mill depreciate it's plant and machinery at the rate of 15%per annum on the diminishing balance method .it closes it's accounts on 30th sep each year .the book value of it's plant and machinery as on 30th sep 2014 was 859870. onv31 ist dec.2014 it added a elevator at a cost of 8500rupee and 31 Dec 2015 a grinder at a cost of 28800. on 30th June 2015 a plant was sold for rupees 6850,the book value of which on 30 sep 2007 was 9600.​

Answer 1

Answer:

profit of Rs. 4003 on sold of plant