[ISC] Q 17 Solution Depreciation TS Grewal Class 11 (2022-23)

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Are you looking for the solution of Question number 17 Depreciation TS Grewal class 11 ISC 2022-23?

The following balances exist in the books of X Ltd.:

1st April, 2021Machinery Account
Provision for Depreciation Account
5,00,000
2,25,000

The machinery is depreciated @ 10% p.a. by the Fixed Instalment Method, the accounting year being April – March. On 1st October, 2021, a machinery which was purchased on 1st July, 2018 for ₹ 1,00,000 was sold for ₹ 42,000 and on the same date a fresh machine was purchased for ₹ 2,00,000.

Prepare Machinery Account and Provision for Depreciation Account for the year 2021-22.

Solution:-

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