16. Following balances appear in the books of Paras Bros.:
1st April, 2022 Machinery A/c ₹ 80,000
Provision for Depreciation A/c ₹ 36,000
On 1st April, 2022, they sold a machine for ₹ 8,700. This machine was purchased for ₹ 16,000 in April, 2018.
Prepare Provision for Depreciation Account and Machinery Account on 31st March, 2023, assuming the firm has been charging Depreciation at 10% p.a. on Straight Line Method.
T.S.Grewal/2024 Edition/Practical Problems/Q-16
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.