Question

DI
DEPRECIATION
2. 16. A company whose accounting year is calendar year purchased machinery
5,00,000 on 1st January 2010. Additional machinery was acquired for 33,00,000
st September 2011 and for 32,40,000 on 1st December 2014. Certain machinery
ased for 1,00,000 on 1st January 2010 was sold for 48,200 on 30th June 2013
Prepare the machinery account upto the year 2014 after providing depreciation at
per annum on reducing instalment method.
Ans. Loss on sale of Machinery 21,055; Balance on 1st Jan. 2015 6,85,606
on 31st Dec. 2013 55,260 (529,160 + 26,100); Dep. on 31st Dec. 2014
734 (26,244 +23,490 + 2,000).]
Hint :- Calendar year denotes that the accounts will be closed on 31st December even​

Answer 1

Answer:

Loss on sale of Machinery 21,055; Balance on 1st Jan. 2015 6,85,606

on 31st Dec. 2013 55,260 (529,160 + 26,100); Dep. on 31st Dec. 2014

734 (26,244 +23,490 + 2,000).]

Hint :- Calendar year denotes that the accounts will be closed on 31st December even