Question

The following balances appear in the books of M/s Gupta Sons as on 1st April, 2018:

(i) Plant and Machinery Account - 500,000
(ii) Accumulated Depreciation Account - 2,25,000

The Plant and Machinery was depreciated @ 10% p.a. by the Straight Line Method and the accounting year of the firm closes every year on 31st March. On 1st October, 2018, Plant and Machinery which was purchased on 1st July, 2015 for 1,00,000 was sold for 42,000 and on the same date a fresh Plant and Machinery was purchased for 2,00,000.

Prepare the plant and Machinery A/c and Accumulated Depreciation A/c for the year 2018-19.

Answer 1

Answer:

ye hai iska ans account me tabel nilana padhata hai