Question

A water supply concerned had to replace a main and lay an auxiliary main for the remaining length in order to augment supplied of water to a locality.The total cost of the original main was ₹2 lakh. Now cost increased by 300%.Cost of new establishment is ₹ 10 lakh .Part of old main realised ₹ 15 thousands.Pass journrnal entries to record the above and show the capitalisation and revenue expenditure.​

Answer 1

Answer:

New asset account to the Dr. 985000

Ralised profit Dr. 15000

To cash account 1000000

Explanation:

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