On July 01, 2011 Ashwani purchased a machine for 2,00,000 on credit. Installation expenses 25,000
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On July 01, 2011 Ashwani purchased a machine for ₹ 2,00,000 on credit. Installation expenses ₹ 25,000 are paid by cheque. The estimated life is 5 years and its scrap value after 5 years will be ₹ 20,000. Depreciation is to be charged on straight line basis. Show the journal entry for the year 2011 and prepare necessary ledger accounts for first three years.
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Lets break down the transaction and the subsequent journal entries for the year 2011 as well as the ...View the full answer
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Related Book For 
Accountancy Financial Accounting Part 1 Textbook For Class 11
ISBN: 9788174505071
1st Edition
Authors: NCERT
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