Question

On 1st April 2013, Shyam Ltd. Purchased a machinery for Rs.3,00,000. On 1st August 2014 another machinery was purchased for Rs.1,80,000. On 1st July 2015, the machinery purchased on 1st April 2013 was sold at a loss of Rs.40,000 and on the same date a new machinery was purchased for Rs.2,40,000. Depreciation was provided @ 10% p.a. on diminishing balance method. Accounts are closed every year on 31st March. Prepare Machinery Account for three years ended 31st March 2016.​

Answer 1

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