A second-hand machinery was purchased on 1st July,2015 from abroad for Rs 50,000, shipping and forwarding charges amounted to Rs 8,000 and custom duty Rs 12,000,Rs 10,000 was spent on its repairs and installation. Installation was completed by 30th September,2015. Show the Machinery Account and Provision for depreciation Account for the first two financial years when depreciation is charged @20% per annum by written down value method. Accounts are closed each year on 31st March.
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A second-hand machinery was purchased on 1st July,2015 from abroad for Rs 50,000
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