osed on March 31 every year.Q3.In the books of M/s Anthony Enterprises, the opening balance of Machinery account on 1 April 2016 was15,00,000 and the opening balance of Provision for Depreciation account was R 3,50,000. A machinerywas purcha sed on 1* October 2016 for R 20,00,000, which was financed to the extent of 50 % by way orloan from Union Bank and the remaining amount was paid through cheque. On 01.06.2017 one machinerywhich was purchased for R 5,00,000 on 01.04.2015 was completely destroyed by fire and scrap valuerealized by sale of the said machinery was 10,000. To replace that machinery, additional machine waspurchased on the same date for 7,00,000. Company charges depreciation @ 15% p.a. on SLM basis and.naintain Provision for Depreciation account. Accounts are closed every year on 31 March.repare Machinery account & Provision for depreciation account for the year 2016-17 and 2017-18.7400 000x 15/100 x 3/12)By Balance cid38500ereciation671250 e as orn Atofr on Sale af

Name: osed on March 31 every year.Q3.In the books of M/s Anthony Enterprise
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Description: osed on March 31 every year.Q3.In the books of M/s Anthony Enterprises, the opening balance of Machinery account on 1 April 2016 was15,00,000 and the opening balance of Provision for Depreciation account was R 3,50,000. A machinerywas purcha sed on

Depreciation expenditure seems to be the relevant part of a firm's fixed asset cost which is used up…

Answered: the opening balance of on 1* October…

Business

Accounting

the opening balance of on 1* October 2016 for = Bank and the remaining mased for R 5,00,000 om f the said machinery w

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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