on 1 January 2019 the balance in plant and machinery account was ₹900000(including ₹100000 which was purchased on 1 January 2018). On 30 January 2019 additional plant was purchased for ₹100000. On 31 December 2019 part of the plant which had cost ₹20000 on 1 January 2018 was sold for ₹21000.
On 31 December 2019, again a part of the plant was sold for ₹40000. This was purchased on 1 January 2018 for ₹60000.
Prepare plant and machinery account for two years, that is 2019 and 2020 by providing depreciation at 10% p.a. assuming reducing balance method.
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|X, Y and Z are partners, their capitals being Rs. 300000 Rs.250000 and Rs 200000 respectively. In
arriving at these figures, the profits for the year ended 31st March 2020 Rs. 240000 has already
been credited to the partners in the proportion in which they share profits. Their drawings were X
Rs 50000, Y Rs40000 and Z Rs 30000 for the year ending 31st march 2020. Subsequently the
following omissions were noticed and it was decided to bring them into account.
(0 Interest on capital @10% p.a.
(11 Interest on drawings X Rs. 2500, Y Rs2000 and Z Rs. 1500
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