Question

Krishna Chaithanya Limited company has the following balances on 1st January, 2017:
Machinery Account Rs.2,50,000
Provision for Depreciation Account Rs.1,20,000
Depreciation was provided @20% p.a on original cost and accounts were closed on 31st
March every year. On 30th September, 2017 a part of machinery bought for Rs.1,00,000 on
1
st April, 2014 was sold at loss of Rs.10,000 and a new machinery purchased for
Rs.2,00,000 on the same date . Prepare Machinery Account and Provision for Depreciation
Account for the year 2017-2018

Answer 1

Answer:

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Explanation:

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