4. 20 years ago, Mr. Mohan use the machine but purchased it on April 01, 2010, for 2,80,000 and spent 10,000 on its carriage and 10,000 on its installation. It is estimated that its working life is 10 years and after 10 years its scrap value will be 20,000. a. Prepare Machine and Depreciation accounts for the first four years by providing depreciation on a straight-line method. Accounts are closed on March 31st every year. b. Prepare Machine account, Depreciation account, and Provision for depreciation account (or accumulated depreciation account) for the first four years by providing depreciation using the diminishing line method. Accounts are closed on March 31st every year.

4. 20 years ago, Mr. Mohan use the machine but purchased it on April 01, 2010, for 2,80,000 and spent 10,000 on its carriage and 10,000 on its installation. It is estimated that its working life is 10 years and after 10 years its scrap value will be 20,000. a. Prepare Machine and Depreciation accounts for the first four years by providing depreciation on a straight-line method. Accounts are closed on March 31st every year. b. Prepare Machine account, Depreciation account, and Provision for depreciation account (or accumulated depreciation account) for the first four years by providing depreciation using the diminishing line method. Accounts are closed on March 31st every year.

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 4. 20 years ago, Mr. Mohan use the machine but purchased it on April 01, 2010, for2,80,0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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