Solution of Question number 32 Depreciation TS Grewal class 11 ISC 2023-24?
The following information relates to Tit-Bit & Company’s Machinery Account:
|Balance of Machinery Account as on 1st April, 2022|
Machinery purchased on 1st October, 2022
On 1st January, 2023, a machine, the original cost of which was ₹ 80,000 (Purchased on 1st July, 2021) was sold for ₹ 60,000.
Depreciation was charged @ 10% p.a. by Diminishing Balance Method. Show the Machinery Account in the books of Tit-Bit & Company for the year ended 31st March, 2023 and also the position of the Balance Sheet with respect to this asset.