Question

M/s. Saraswati Traders, Mumbai, purchased machinery on 1-4-2000 for Rs.2,16,000. Installation charges were amounted to Rs.4,000. They decided to depreciate the machinery @ 10% p.a. under the fixed installment system. On 1-10-2002, a machinery having original cost of Rs.50,000 was sold for Rs.20,000 & on the same day a new machinery amounting to Rs.60,000 was purchased & installation charges on the same Rs.3,000. You are required: To draft journal entries in the books of M/s. Saraswati Traders for 3 years from 1-04-2000 to 31-03-2002. The accounts of the firm are closed on 31st March each year

Answer 1

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