A company purchased on 1st April, 1988, Machinery costing Rs. 30,000. It purchased further Machinery on 1st
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A company purchased on 1st April, 1988, Machinery costing Rs. 30,000. It purchased further Machinery on 1st October, 1988, costing Rs. 20,000 and on 1st July, 1989, costing Rs. 10,000. On 1st January, 1990, the machinery installed on 1st April 1988, became obsolete and was sold for Rs. 3,000.
Show the machinery account for 3 years, charging depreciation by fixed Installment method at 10% per annum. Accounts are closed on 31st December each year.
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