23. On 1st April, 2021, a machinery was purchased for ₹ 20,000. On 1st October, 2022, another machine was purchased for ₹ 10,000 and on 1st April, 2023, one more machine was purchased for ₹ 5,000. The firm depreciates its machinery @ 10% p.a. on the Diminishing Balance Method.
What is the amount of Depreciation for the years ended 31st March, 2022, 2023 and 2024? What will be the balance in Machinery Account as on 31st March, 2024?
T.S.Grewal/2024 Edition/Practical Problems/Q-23
For full question, please refer to the text book T.S.Grewal’s Double Entry Book Keeping-Financial Accounting, Textbook for CBSE Class XI published by Sultan Chand & Sons Pvt. Ltd.