Q. 11. Bajaj Ltd. which depreciates …
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Q. 11. Bajaj Ltd. which depreciates its machines@ 10% p.a. on the written down value method, provides you the following information: [6] Machinery A/c as on 1.1.2010 ₹ 5,00,000 Provision for Depreciation A/c as on 1.1.2010 ₹ 1,35,000
No depreciation is charged in the year of sale of machinery but full charge is being made for ₹the years during which the machinery is purchased.
On 1.7.2011, a new machinery was purchased for ₹ 80,000 and an old machinery purchased on 1.7.2008 for ₹ 60,000 was discarded but could not be sold immediately. However, it was expected to realise ₹ 10,000. Prepare (i) Machinery Account, (ii) Provision for Depreciation Account, and (iii) Machinery Disposal Account for the years 2010 and 2011.
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