Question

Surya bought a machine under installment system on 1.1.01. He paid Rs.6,000 cash down and

Rs.7,100 at the end of the 1st year, Rs.9,600 at the end of the 2nd year and Rs.8,800 at the

end of the 3rd year. Interest is charged at the rate of 10% p.a. the purchaser writes off 10%

depreciation every year under the reducing balance method.

Pass journal entries in the books of the seller​

Answer 1

Explanation:

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