[ISC] Q 18 Solution Depreciation TS Grewal Class 11 (2023-24)

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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, 2022Machinery 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, 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.

Solution:-

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