On October 1, 2000, a Truck was purchased for Rs 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at 15% per annum on the diminishing balance basis on this truck. On December 31, 2003, this truck was sold for Rs 5,00,000. Accounts are closed on 31st March every year. Prepare a Truck account for the four years.

On October 1, 2000, a Truck was purchased for Rs 8,00,000 by Laxmi Tra

1.	On October 1, 2000, a Truck was purchased for Rs 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at 15% per annum on the diminishing balance basis on this truck. On December 31, 2003, this truck was sold for Rs 5,00,000. Accounts are closed on 31st March every year. Prepare a Truck account for the four years.
Answer» On October 1, 2000, a Truck was purchased for Rs 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at $15 %$ per annum on the diminishing balance basis on this truck. On December 31, 2003, this truck was sold for Rs 5,00,000. Accounts are closed on 31st March every year. Prepare a Truck account for the four years.