A limited company purchased on 01-01-2017 a plant for 38,000 and spent
2,000 for carriage and brokerage. On 01-04-2018 it purchased additional plant
costing 20,000. On 01-08-2019 the plant purchased on 01-01-2017 was sold for
25,000. On the same date, the plant purchased on 01-04-2018 was sold at a profit of
2,800. Depreciation is provided @10% per annum on diminishing balance method
every year. Accounts are closed on 31st December every year. Show the plant A/c for
3 years.
[Ans. Loss on Sale of Plant 5,510; Sale of IInd Plant 20,220.]
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