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What is Machinery Account Preparation Guide about?

X Ltd purchased machinery for Rs.58,000 in January 2001 and another for Rs.20,000 in July 2001. In July 2003, the first machinery was sold for Rs.28,600 and a new one bought for Rs.40,000. Depreciation of 10% of written down value was provided annually. The machinery account for 2001-2003 shows opening balances carried forward each year, additions of new machinery, depreciation expense and proceeds from sale of machinery credited.

Author

Michel Eric

Language

EN