On 1.4.2008, Ram purchased a machine for 75,000. The Machinery is to

1.	On 1.4.2008, Ram purchased a machine for 75,000. The Machinery is to be depreciated by 10% p.a. on the Fixed Installment Method and accounting year being April-March. On 1.10.2010,some part of the machine costing: 10,000 was sold for 7,000. On the same date, a new Machine costing 10,000 was installed. Prepare Machinery Account and Provision for depreciation Account for three years.
Answer» On 1.4.2008, Ram purchased a machine for 75,000. The Machinery is to be depreciated by 10% p.a. on the Fixed Installment Method and accounting year being April-March. On 1.10.2010,some part of the machine costing: 10,000 was sold for 7,000. On the same date, a new Machine costing 10,000 was installed. Prepare Machinery Account and Provision for depreciation Account for three years.

On 1.4.2008, Ram purchased a machine for 75,000. The Machinery is to be depreciated by 10% p.a. on the Fixed Installment Method and accounting year being April-March. On 1.10.2010,some part of the machine costing: 10,000 was sold for 7,000. On the same date, a new Machine costing 10,000 was installed. Prepare Machinery Account and Provision for depreciation Account for three years.

Answer»

On 1.4.2008, Ram purchased a machine for 75,000. The Machinery is to be depreciated by 10% p.a. on the Fixed Installment Method and accounting year being April-March.

On 1.10.2010,some part of the machine costing: 10,000 was sold for 7,000. On the same date, a new Machine costing 10,000 was installed. Prepare Machinery Account and Provision for depreciation Account for three years.

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