Here's a Machinery Account for the given scenario:
1. On 1st April 2019, the initial machinery value was 3,00,000.
2. Every year, a 10% depreciation (straight-line method) was charged on the machinery's value. So, for the years ending March 2020, 2021, 2022, and 2023, the depreciation was 30,000, 30,000, 24,000, and 24,500, respectively.
3. In 2021, one machine was sold at a loss of 8,000, and in 2022, another machine was sold at a loss of 12,500. So, the sale proceeds were 40,000 and 28,000, respectively.
4. On 1st October 2022, a new machine was purchased for 1,00,000, which increased the machinery value.
5. The balance in the Machinery Account as of 1st April 2023 is 2,03,000.
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Answer:
Here's a Machinery Account for the given scenario:
1. On 1st April 2019, the initial machinery value was 3,00,000.
2. Every year, a 10% depreciation (straight-line method) was charged on the machinery's value. So, for the years ending March 2020, 2021, 2022, and 2023, the depreciation was 30,000, 30,000, 24,000, and 24,500, respectively.
3. In 2021, one machine was sold at a loss of 8,000, and in 2022, another machine was sold at a loss of 12,500. So, the sale proceeds were 40,000 and 28,000, respectively.
4. On 1st October 2022, a new machine was purchased for 1,00,000, which increased the machinery value.
5. The balance in the Machinery Account as of 1st April 2023 is 2,03,000.
Answer:
Here's mechanicry ........
First :-
Explanation: