Pokemon and Brothers purchased a Machinery for Rs.3,00,000 on April 01,2014 and spent Rs.40,000 for its installation. The salvage value of the machine after its useful life for 5 years, is estimated to be Rs.5,000. Record journal entries for the year 2014-2015 and draw up Machine Account and Depreciation Account for first 2 years given that the depreciation is charged using straight line method if the books of accounts close on March 31 every year and the firm charges depreciation to the asset account.
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| 4th Aug, 2016,
01:26: PM
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