30. From the books of Harish Traders following information as on 1st April, 2024 is extracted:
Plant and Machinery Account ₹ 25,00,000
Provision for Depreciation Account ₹ 5,80,000
Depreciation is charged on the plant at 20% p.a. by the Diminishing Balance Method. A piece of machinery purchased on 1st April, 2022 for ₹ 5,00,000 was sold on 1st October, 2024 for ₹ 3,00,000. Prepare the Plant and Machinery Account and Provision for Depreciation for the year ended 31st March, 2025. Also, prepare Machinery Disposal Account.
T.S.Grewal/2024 Edition/Practical Problems/Q-30
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.