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Q. NO. 1: M/s Ray and Co. commenced business on 1st January, 2017. On this date they
purchased a machine costing ₹ 500,000 and immediately followed the Reducing Balance
Method of depreciating the value @ 15%. On 1st July, 2017, the Company purchased
another machine costing ₹ 800,000 and on the same date sold the machine which was
purchased on 1
st January, 2017, for ₹ 350,000. On 1st October, 2019, the company
purchased additional machinery costing ₹ 80,000. In 2020, the company changed the
method of providing depreciation and adopted Straight Line method of writing off
depreciation @ 10% with retrospective effect. The company closes its accounts on 31st
December every year. Prepare Machinery a/c for the years 2017, 2018, 2019 and 2020
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