Answer to Question #285289 in Economics for rach

Question

Blackberry Ltd. acquired a machinery on 1st July 2017 for ₹ 15,00,000 and paid ₹ 90,000 towards it’s brokerage. On the same day ₹ 25,000 was additionally incurred to get the machinery installed in the factory premises. On 1st January 2019, company acquired another machinery for Rs.5,75,000. On the same date company had to pay ₹ 89,000 for routine maintenance of machinery purchased on 1st July 2017. On 1st October 2019, the machinery purchased on 1st July 2017 was destroyed and company has to scrap it off for ₹ 3,09,600. Company had to pay brokerage at 2% of sale proceeds in order to scrap off the machinery. Company depreciates its assets at 20% p.a. under WDV method. You are required to prepare Machinery A/c and Provision for depreciation A/c for 2018-2019 and 2019-2020.

Answer 1

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