(c) X purchased a machinery on 1st January 2017 for. 4,80,000 and spent * 20,000 on
its installation. On July 1, 2017 another machinery costing * 2,00,000 was
purchased. On 1st July, 2018 the machinery purchased on 1st January, 2017 having
become scrapped and was sold for * 2,90,000 and on the same date fresh machinery
was purchased for * 5,00,000. Depreciation is provided annually on 31st December at
the rate of 10% p.a. on written down value. Prepare Machinery account for the
years
2017 and 2018.
(4 Marks)
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Answer:
machinery AC Dr 480000
installation charges AC Dr 20000
To owners capital AC 500000
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