On 1st January, 2013, Satkar Transport Ltd purchased 3 buses for Rs. 10,00,000 each. On 1st July, 2015 one bus was involved in an accident and was completely destroyed and Rs. 7,00,000 were received from the insurance company in full settlement. Depreciation is written-off 15% per annum on diminishing balance method. Prepare bus account from 2013 to 2016. Books are closed on 31st December, every year.

On 1st January, 2013, Satkar Transport Ltd purchased 3 buses for Rs. 1

1.	On 1st January, 2013, Satkar Transport Ltd purchased 3 buses for Rs. 10,00,000 each. On 1st July, 2015 one bus was involved in an accident and was completely destroyed and Rs. 7,00,000 were received from the insurance company in full settlement. Depreciation is written-off 15% per annum on diminishing balance method. Prepare bus account from 2013 to 2016. Books are closed on 31st December, every year.
Answer» On 1st January, 2013, Satkar Transport Ltd purchased 3 buses for Rs. 10,00,000 each. On 1st July, 2015 one bus was involved in an accident and was completely destroyed and Rs. 7,00,000 were received from the insurance company in full settlement. Depreciation is written-off 15% per annum on diminishing balance method. Prepare bus account from 2013 to 2016. Books are closed on 31st December, every year.