29. On 1st April, 2014, Veeru Ltd. purchased a machinery for ₹ 2,50,000 and spent ₹ 50,000 on its installation. On 1st July, 2016, 1/3rd of machinery purchased on 1st April, 2014 was sold for ₹ 15,000 and a new machinery at the cost of ₹ 2,00,000 was purchased on the same date.
The company has adopted the method of providing depreciation @ 15% p.a. on Straight Line Method. Show the Machinery Account, Provision for Depreciation Account and Machinery Disposal Account for the three years ended on 31st March, 2015 to 31st March, 2017. (Delhi)
T.S.Grewal/2024 Edition/Practical Problems/Q-29
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.