Bhushan & Company purchased a Machinery on 1st April, 2015, for Rs. 54,000 and spent Rs. 6.000 onits installation On 1st December, 2016, & purchased another machine for Rs 30,000 On 30th June2017, the first machine purchased on 1st April, 2015, is solid for Rs. 36,000 and on the same date itpurchased a new machinery for Rs. 80,000 On December 1, 2018, the second machine (purchaniedon December 1, 2016, was also sold off for Rs 26,000 Depreciation was provided on machinery@ 10%pa on Original Cost Method annually on 31st March. Give the machinery account for four years.

Machinery account for Year 1:Formula reference for Year 1:Machinery account for Year 2:Formula…

Answered: Give the machinery account for four…

Business

Accounting

Give the machinery account for four years.

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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Question

Bhushan & Company purchased a Machinery on 1st April, 2015, for Rs. 54,000 and spent Rs. 6.000 on
its installation On 1st December, 2016, & purchased another machine for Rs 30,000 On 30th June
2017, the first machine purchased on 1st April, 2015, is solid for Rs. 36,000 and on the same date it
purchased a new machinery for Rs. 80,000 On December 1, 2018, the second machine (purchanied
on December 1, 2016, was also sold off for Rs 26,000 Depreciation was provided on machinery@ 10%
pa on Original Cost Method annually on 31st March. Give the machinery account for four years.

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