A Plant was purchased on 1st July 2000 at a cost of Rs. 3,00,000 and R

1.	A Plant was purchased on 1st July 2000 at a cost of Rs. 3,00,000 and Rs. 50,000 were spent on its installation. The depreciation is written off at 15 % at per annum on the straight-line method. The plant was sold for Rs. 1,50,000 on October 1, 2002, and on the same date, a new Plant was installed at the cost of Rs 4,00,000 including purchasing value. The accounts are closed on December 31st every year. Show the Machinery account and Provision for depreciation account for 3 years.
Answer» A Plant was purchased on 1st July 2000 at a cost of Rs. 3,00,000 and Rs. 50,000 were spent on its installation. The depreciation is written off at 15 % at per annum on the straight-line method. The plant was sold for Rs. 1,50,000 on October 1, 2002, and on the same date, a new Plant was installed at the cost of Rs 4,00,000 including purchasing value. The accounts are closed on December 31st every year. Show the Machinery account and Provision for depreciation account for 3 years.

A Plant was purchased on 1st July 2000 at a cost of Rs. 3,00,000 and Rs. 50,000 were spent on its installation. The depreciation is written off at 15 % at per annum on the straight-line method. The plant was sold for Rs. 1,50,000 on October 1, 2002, and on the same date, a new Plant was installed at the cost of Rs 4,00,000 including purchasing value. The accounts are closed on December 31st every year. Show the Machinery account and Provision for depreciation account for 3 years.

Answer»

A Plant was purchased on 1st July 2000 at a cost of Rs. 3,00,000 and Rs. 50,000 were spent on its installation. The depreciation is written off at 15 % at per annum on the straight-line method. The plant was sold for Rs. 1,50,000 on October 1, 2002, and on the same date, a new Plant was installed at the cost of Rs 4,00,000 including purchasing value. The accounts are closed on December 31st every year.

Show the Machinery account and Provision for depreciation account for 3 years.

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