In Mr Hayat's ledger, the written down value of a machine as on 1st April, 2015 is Rs.70,000. The rate of depreciation is 15 % per annum on the written down value method. The machine is under an annual repairs and maintenance contract with Mr Swami who charge Rs.1,250 per quarter. A new machine was bought and the cheque issued for Rs.97,500 and the cash paid Rs.2,500 for its immediate erection and subsequent use on 1st July, 2015. The annual maintenance contract of the new machine bought was to be signed after the one year guarantee period was over. Show the machinery account, as it would appear in the ledger for the year ended 31st March, 2016.

In Mr Hayat's ledger, the written down value of a machine as on 1st Ap

1.	In Mr Hayat's ledger, the written down value of a machine as on 1st April, 2015 is Rs.70,000. The rate of depreciation is 15 % per annum on the written down value method. The machine is under an annual repairs and maintenance contract with Mr Swami who charge Rs.1,250 per quarter. A new machine was bought and the cheque issued for Rs.97,500 and the cash paid Rs.2,500 for its immediate erection and subsequent use on 1st July, 2015. The annual maintenance contract of the new machine bought was to be signed after the one year guarantee period was over. Show the machinery account, as it would appear in the ledger for the year ended 31st March, 2016.
Answer» In Mr Hayat's ledger, the written down value of a machine as on 1st April, 2015 is Rs.70,000. The rate of depreciation is 15 % per annum on the written down value method. The machine is under an annual repairs and maintenance contract with Mr Swami who charge Rs.1,250 per quarter. A new machine was bought and the cheque issued for Rs.97,500 and the cash paid Rs.2,500 for its immediate erection and subsequent use on 1st July, 2015. The annual maintenance contract of the new machine bought was to be signed after the one year guarantee period was over. Show the machinery account, as it would appear in the ledger for the year ended 31st March, 2016.

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