Question

depreciate machinery by 10% value of machinery 500000. Journal entry? ​

Answer 1

Depreciation A/C       Dr                                     50,000

     To Machinery A/C                                                        50,000

(being Machinery depreciated by 10%)

working note:

           depreciation = 5,00,000 *$\frac{10}{100}$

                                  = 50,000