How The following balances appear in the books of X Ltd. as on 1st April 2019: ₹ Machinery Account Provision for Depreciation Account 5,00,000 2,25,000 The machinery was depreciated at 10% p.a. on the WRITTEN DOWN VALUE Method-the accounting year being April-March. On 1st October 2019, a machinery which was purchased on 1st July 2016 for *1,00,000 was sold for ₹42,000 and on the same date a fresh machinery was purchased for ₹2,00,000. Prepare the Machinery Account and Provision for Depreciation Account for the year 2019-20.​

Browse free questions and answers by Chapters

• 1 Introduction to Accounting
• 2 Bank Reconciliation Statement
• 3 Basic Accounting Terms
• 4 Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards (IFRS)
• 5 Bases of Accounting
• 6 Accounting Equation
• 7 Accounting Procedures - Rules of Debit and Credit
• 8 Origin of Transactions - Source Documents and Preparation of Vouchers
• 9 Journal
• 10 Ledger
• 11 Special Purpose Books I - Cash Book
• 12 Special Purpose Books II - Other Books
• 13 Trial Balance
• 14 Depreciation
• 15 Provisions and Reserves
• 16 Accounting for Bills of Exchange
• 17 Rectification of Errors