Question

Asset Disposal Account
19. On 1st July, 2016 X Ltd purchased a machinery for 3 12,00,000 including 32,00,000 paid for its installation. On
Mar. 1, 2018 a part of the machinery purchased on 1st July, 2016 for 3 1,60,000 was sold for 60,000. On the
same date a new machinery was purchased for 33,00,000. Depreciation is charged @ 20% p.a. on reducing bal.
ance method and the books of the company are closed on 31st December every year. You required to prepare (a
Machinery Account, (b) Provision for depreciation Account (c) Machinery disposal Account.
[Ans. Balance of Machinery Account 13,40,000; Loss on Sale Machinery 67,440]
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Answer 1

Answer:

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