Question

On 1st January 1996, Machinery was purchased for Rs. 2,50,000. On 1st June, 1997 additions were made by purchasing a machinery for Rs. 50,000. On 1st March 1998, another machinery was purchased for Rs. 32,000. On 30th June 1999, machinery of the original value of Rs. 40,000 on 1-1-1996 was sold for Rs. 30,000. Depreciation is charged at 10% on original cost. Show the machinery account for the years 1996 to 1999 closing the accounts on 31st December each year.​

Answer 1

Answer:

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Explanation:

Amount of Depreciation=Cost of Machine−Scrap Value of Machine Life in Years                                       =1,20,000−72,0004=Rs 12,000Rate of Depreciation=Amount of DepreciationCost of Machine×100                                  =12,0001,20,000×100=10%p.a.

Answer 2

Answer:

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