Baxter company purchased a machinery on 1 January 2018 for 48,000 on which 2000 was spent as installation charges. A second machinery was purchased on 1st October 2018 for 30,000. 1/4th of the first machinery was sold on 1st July 2019 for 10,000 and another machinery for 20,000 was purchased on the same day. The company has adopted the practice of providing depreciation at 10% p.a on Fixed installment method. The company closes its books on 31st March every year. You are required to prepare Machinery Account up to 31 March 2020.

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