Question

On 1 - 7 - 2014 XYZ & Co. Purchased a machine for Rs. 75,000. On 30 - 9 - 2014 another machine was purchased for 40,000. The company sold the first machinery (i.e. 1 - 7 - 14) due to obsolute for Rs. 25,000 on 31 - 12 - 2016. On the same day they purchased another machinery for Rs. 35,000. The company closes their books on 31st
. December every year. Prepare machinery account for the year ended 31st December, 2017 assuming the depreciation was charged on fixed installment method @ 10%. P.A.

Answer 1

Explanation:

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