27. Following balances appear in the books of Kaushal Traders as on 1st April, 2023:
2023
1st April Machinery A/c ₹ 60,000
Provision for Depreciation A/c ₹ 36,000
On 1st April, 2023, they decided to dispose off a machinery for ₹ 8,400 which was purchased on 1st April, 2019 for ₹ 16,000. Depreciation was provided on the machinery at 10% p.a. on Original Cost basis. Prepare Machinery Account, Provision for Depreciation Account and Machinery Disposal Account for the year ended 31st March, 2024.
T.S.Grewal/2024 Edition/Practical Problems/Q-27
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.