Solution of Question number 19 Depreciation TS Grewal class 11 ISC 2023-24?
A Ltd. has the following balances on 1st April, 2022:
Provision for Depreciation Account
The company charged depreciation @ 10% p.a. as per Straight Line Method. Accounts are closed on 31st March every year. On 1st October, 2022 a part of machinery purchased on 1st July, 2019 for ₹ 40,000 was sold for ₹ 18,400 and on the same date a new plant was purchased for ₹ 1,00,000.
Prepare ‘Machinery Account’ and ‘Provision for Depreciation Account’ for the year ended 31st March, 2023.