Depreciation

M/s Mazars purchased a brand new machinery on 1st January 2019 for ` 3,20,000 and also incurred ` 80,000 on its installation. Another machinery was purchased on 1st July 2019 for ` 1,60,000. On 1st July 2021, the machinery purchased on 1st January 2019 was sold for ` 2,50,000. Another machinery was purchased and installed on 30th September 2021 for ` 60,000. Under existing practice, the company provides for depreciation @10% p.a. on Original cost. However, from the year 2022 it decided to adapt WDV method and charge the depreciation @ 15% p.a. You are required to show the Machinery Account for the years 2021 and 2022 considering the books of accounts are closed on 31st December each year. Can anyone please solve the question and say the answer ? My answer is 151300 , whether it is correct or not?

Divinne Fiona

CA Inter

★ 9K+

29-Nov-23 23:05

1K+