Question

on 1st April hemlata purchased 4 machines for ₹50000 each . On 31st March 2010 one machinery was sold for ₹41000 .Depreciation was charged @ 10%p.a. on straight line method . Prepare Machinery Account, Machinery disposable Account and provision for depreciation account for 2 years. accounts are closed on 31st march every year

Answer 1

First Year Depreciation RS 15900

Second year depreciation RS 14310

machinery 1st year closing Balance RS 143100 and 2nd year closing balance RS 129090

Answer 2

Answer:

balance of machinery account rupees 150000 ; balance of accumulated depreciation rupees 30000 and profit on sale machinery rupees 1000