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Ganga Ltd. purchased a machinery on January 01, 2014 forRs. 5,50,000 and spent Rs. 50,000 on its installation. On September 01, 2014 it purchased another machine forRs 3,70,000.On May01,2015 itpurchased another machine for Rs. 8,40,000 ( including installation expenses). (a) Machinery account and depreciation account for the years 2014, 2015, 2016 and 2017. (b) If depreciation is accumulated in provision for Depreciation account then prepare machine accountand provision for depreciation account for the years 2014, 2015, 2016 and 2017. |
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Answer» SOLUTION :(a) BALANCE of MACHINE accountas on 01.01.15 `Rs`.12,22,666. (b) Balance of provision for DEP. ACCOUNT as on 01.01.15`Rs`.5,87,334 |
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