Kumar and company has the following balances on 1.1.2010:
Machinery account 5,00,000
Provision for depreciation A/c 1,99,000
On 1st July 2010, it sold the machinery purchased for Rs.2,00,000 on 1st January 2007 for Rs. 1,00,000
Prepare a Machinery account, Provision for Depreciation account for the year 2010, assuming that depreciation has been charged on Diminishing balance method @ 10% p.a.
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