[ISC] Q 40 Solution Depreciation TS Grewal Class 11 (2022-23)

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Are you looking for the solution of Question number 40 Depreciation TS Grewal class 11 ISC 2022-23?

On 1st April, 2017, Amit Kumar purchased five machines for ₹ 60,000 each. Depreciation @ 10% p.a. on initial cost has been charged from the Profit & Loss Account and credited to Provision for Depreciation Account.

On 1st April, 2018, one machine was sold for ₹ 50,000 and on 1st April, 2019 another machine was sold for ₹ 50,000. An improved model costing ₹ 1,00,000 was purchased on 1st October, 2018. Amit Kumar closes his books on 31st March each year.

You are required to show: (i) Machinery Account; (ii) Machinery Disposal Account and (iii) Provision for Depreciation Account for the period of three accounting years ended 31st March, 2020.

Solution:-

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