Question

SINGARAVELAN and Bros. purchased a plant for Rs. 5,00,000 on April, 01 2017, and
spent Rs. 50,000 for its installation. The salvage value of the plant after its useful life of 10
years is estimated to be Rs. 10,000. Record journal entries for the year 20017-18 and
draw up Plant Account and Depreciation Account for first three years given that the
depreciation is charged using straight line method if :
(i)
The books of account close on March 31 every year; and
The firm charges depreciation to the asset account.​

Answer 1

M/s Singhania and Bros. purchased a plant of

. 5,00,000 on April o1.2017. and spent

.50,000 for its installation. The salvage value of the after its useful life of 10 years is estimated to be

. 10,000. Record journal entries for the year 2016-17 and draw up Plant account and Depreication Account for first three given theat the depreciation is charged using straight line method if : <br> (i) The books of account close on March 31 every year, and <br> (ii) The firm charges depreciation to the asset account

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