17. Following balances appear in the books of Priyank Bros.:
1st April, 2023 Machinery A/c ₹ 20,00,000
Provision for Depreciation A/c ₹ 8,00,000
On 1st April, 2023, they decide to sell a machine for ₹ 5,00,000. This machine was purchased ₹ 7,50,000 on 1st April, 2020.
Prepare Machinery Account and Provision for Depreciation Account for the year ended 31st March, 2024 assuming that the firm has been charging Depreciation @ 10% p.a. on the Straight-Line Method.
T.S.Grewal/2024 Edition/Practical Problems/Q-17
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.