Subjective Questions on A Plant was purchased on 1st July 2015 at a cost of Rs 3 00 000 and Rs 50 000 were spent on its inst........... for Commerce ( 11 and 12th) Preparation

Chapter-7 Depreciation, Provisions and reserves

Accountancy (11th)

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    A Plant was purchased on 1st July, 2015 at a cost of Rs 3,00,000 and Rs 50,000 were spent on its installation. The depreciation is written off at 15% p.a. on the straight line method. The plant was sold for Rs 1,50,000 on October 01, 2017 and on the same date a new Plant was installed at the cost of Rs 4,00,000 including purchasing value. The accounts are closed on December 31 every year.

    Show the machinery account and provision for depreciation account for 3 years    (5 marks)

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