Question

Purchased machinery from Kandan Bros,
Trichy for ₹30000 on which they paid
& 300 freight on my behalf.​

Answer 1

Explanation:

50 cm, 230000 on which they paid

& 300 freight on my behalf.

Answer 2

Answer:

All expenses incurred to bring an asset into the business will be capitalized.

The installation charges & carriage/freight will be added to the cost of machine.

Suppose if the cost of machine is Rs. 10000, installation charges is Rs. 1000 & carriage is Rs. 500.

the journal entry will be

Machinery A/c Dr.. 11500

To Cash/Bank A/c .…11500

Explanation:

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