[ISC] Q 42 Solution Depreciation TS Grewal Class 11 (2022-23)

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A firm imported a machine on 1st October, 2016 for ₹ 2,00,000, paid custom duty and freight ₹ 40,000 and incurred erection charges ₹ 60,000. Another machinery costing ₹ 1,00,000 was purchased from the local market on 1st April, 2017. On 1st October, 2018, one-third of the imported machinery got out of order and was sold for ₹ 40,000. Another machinery was purchased to replace the same for ₹ 50,000 on the same date. Depreciation is to be charged at 20% per annum on the cost following Straight Line Method.

Account are closed each year on 31st March. You are required to show:

(i) Machinery Account for 2016 – 17, 2017 – 18 and 2018 – 19.

(ii) Machinery Account and Provision for Depreciation Account for 2016 – 17, 2017 – 18 and 2018 – 19.

Solution:-

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