Accountancy, asked by routrajshree6, 9 months ago

purchase new machinery from ms.saurav machinery store on credit 7000 paid freight rs 500 and installation charges 700

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Answered by Anonymous

Answer:

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Answered by veer212005

Answer:

The answer is in the explanation section.

Explanation:

Machinery A/c Dr. 8200

To Ms. Saurav A/c 8200

(Being machinery purchased from M/s Saurav, paid freight and installation.)

We have to apply the cost concept here and add Freight and Installation charges to the cost of the Machinery as it is the cost incurred to set up the fixed asset (i.e. machinery) and bring it in the workable condition.

So, there is only one account of Machinery. You will not create separate accounts for freight and installation charges.

Hope this helps:). Please make mine the brainliest answer.

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purchase new machinery from ms.saurav machinery store on credit 7000 paid freight rs 500 and installation charges 700​

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purchase new machinery from ms.saurav machinery store on credit 7000 paid freight rs 500 and installation charges 700