A firm purchased second hand machinery on 1st January, 2018 for Rs.3,00,000, subsequent to which Rs.60,000 and Rs.40,000 were spent on its repairs and installation, respectively. On 1st July, 2019 another machinery was purchased for Rs.2,60,000. On 1st July, 2020, the first machinery having become outdated was auctioned for Rs.3,20,000 and on the same date, another machinery was purchased for Rs.2,50,000. On 1st July, 2021, the second machinery was also sold off and it fetched Rs.2,30,000. Depreciation was provided on machinery @ 10% on the original cost annually on 31st December, under the straight line method.
Required Prepare the following accounts in the books of the company:
(i) Machinery Account for the years ending Dec. 31 2018 to 2021 and
(ii) Machinery Disposal AC
May 24, 2024
I have a June attempt and didn't start to study at all
And I don't know about the new chapter, I have recently cleared class 12 , so any way i can pass the foundation,
May 24, 2024