B&Co close their accounts 0n 31st March every year. They purchased the machines as follows:...
50.1K
Verified Solution
Link Copied!
Question
Accounting
B&Co close their accounts 0n 31st March every year. They purchased the machines as follows:
i. Purchased machine costing Rs 1,20,000 on 1/7/2013
ii. On 1/10/2014 again purchased some machines costing Rs 1,20,000
iii. On 1/10/2014 again purchased some machines costing Rs 20,000
iv. On 1/1/2016 purchased new machine for Rs 60,000
v. One machine which was purchased on 1/7/2013 costing Rs 40,000 was sold for
vi. Rs 12,000 on 1/4/2015
They charge depreciation on written down value method @33.33% They have a practice of charging depreciation for the full year even if the machine is used for part of a year Prepare Machinery A/c in the books of B&Co for 2013,2014 and 2015
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
