Solution of Question number 18 Depreciation TS Grewal class 11 ISC 2023-24?
The following balances exist in the books of X Ltd.:
|1st April, 2022||Machinery Account|
Provision for Depreciation Account
The machinery is depreciated @ 10% p.a. by the Fixed Instalment Method, the accounting year being April – March. On 1st October, 2022, a machinery which was purchased on 1st July, 2019 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 2022-23.