Question

Accured Interest Account
19. On 1st June, 2014 Nikhil purchased a machine whose cash price is 790,000 on Hire Purchase System. Its
payment is to be made in 4 half-yearly instalments of * 25,000 each. Rate of interest is 8% per annum. Machine
was destroyed by an accident on 1st June, 2016, and Nikhil received * 70,000 from Insurance Company.
Depreciation is 10% per annum. It is calculated on fixed instalment method. Nikhil closes its books every year
on 31st March. Open Accrued Interest Account, Machinery Account and Interest Account in the books of Nikhil.
Ans. Interest : 1 - 3 3,600, II - 2,744, III - 1,854, IV - 31,802; In 3rd year P&L A/c is 72,000 (Loss).​

Answer 1

Answer:

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Answer 2

Answer:

THANKS DEAR......

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