Astha Engineering Works purchased a machine on 1st July, 2015 for ₹ 1,80,000 and spent ₹ 20,000 on its installation.On 1st April, 2016, if purchased another machine for ₹ 2,40,000. On 1st October, 2017, the machine purchased on 1st July, 2015 was sold for ₹ 1,45,000 plus CGST and SGST 6% each. On 1st January, 2018, another machine was purchased for ₹ 4,00,000 plus IGST 12%.Prepare the Machinery Account for the years ended 31st March, 2016 to 2018 after charging Depreciation 10% p.a. by Diminishing Balance Method. Accounts are closed on 31st March every year.

Astha Engineering Works purchased a machine on 1st July, 2015 for ₹

1.	Astha Engineering Works purchased a machine on 1st July, 2015 for ₹ 1,80,000 and spent ₹ 20,000 on its installation.On 1st April, 2016, if purchased another machine for ₹ 2,40,000. On 1st October, 2017, the machine purchased on 1st July, 2015 was sold for ₹ 1,45,000 plus CGST and SGST 6% each. On 1st January, 2018, another machine was purchased for ₹ 4,00,000 plus IGST 12%.Prepare the Machinery Account for the years ended 31st March, 2016 to 2018 after charging Depreciation 10% p.a. by Diminishing Balance Method. Accounts are closed on 31st March every year.
Answer» Astha Engineering Works purchased a machine on 1st July, 2015 for ₹ 1,80,000 and spent ₹ 20,000 on its installation. On 1st April, 2016, if purchased another machine for ₹ 2,40,000. On 1st October, 2017, the machine purchased on 1st July, 2015 was sold for ₹ 1,45,000 plus CGST and SGST 6% each. On 1st January, 2018, another machine was purchased for ₹ 4,00,000 plus IGST 12%. Prepare the Machinery Account for the years ended 31st March, 2016 to 2018 after charging Depreciation 10% p.a. by Diminishing Balance Method. Accounts are closed on 31st March every year.