a partnership firm purchased a machine on April 1,2011 for ₹3,00,000. on June 30,2013 a part of machine costing ₹20,000 was sold for ₹11,800 and a new machine costing ₹40,000 was purchased on 1st July 2013. firm was charging depreciation at 10% per annum on straight line method. show machine account, provision for depreciation account and machine disposal account for three accounting years ending on 31st March 2014
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Dr.
(₹)
Cr.
(₹)
Opening Stock
12,000
Purchases
40,000
Sales
86,000
Discount
400
Sales Return
6,000
Buildings
50,000
Debtors
16,000
Salaries
2,400
Office Expenses
1,200
Wages
10,000
Purchase Return
4,000
Interest
800
Travelling Expenses
400
Fire Insurance Premium
800
Machinery
20,000
Carriage on Purchases
700
Commission
400
Cash in hand
2,300
Rent and Taxes
1,800
Capital
62,000
Creditors
10,800
1,64,000
1,64,000
Explanation:
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