Solution of Question number 33 Depreciation TS Grewal class 11 ISC 2023-24?
You are given following balances as on 1st April, 2022:
Provision for Depreciation Account
Depreciation is charged on machinery at 20% p.a. by the Diminishing Balance Method. A piece of machinery purchased on 1st April, 2020 for ₹ 2,50,000 was sold on 1st October, 2022 for ₹ 1,50,000.
Prepare Machinery Account and Provision for Depreciation Account for the year ended 31st March, 2023.