Gautam Ltd purchased a machinery for 40,000 on 1st July, 2017. Depreciation
is provided @ 10% p.a. on the diminishing balance method . On 1st September,
2019 one-fourth of machinery was found unsuitable and was disposed of at a
loss of 700. Prepare the machinery account for the 3 years, assuming the firm
follows calender year. (4)
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Explanation:
Depreciation is provided 10% pa on the Diminishing Balance On 31st January, 2018, one-fourth of the machinery was found unsuitable and disposed off for 5600. ... On account of charged method of depreciation-.
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