Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On 1st January, 2018 XYZ Company purchased vehicle at Rs.600000. On 1st July, 2019, company purchased vehicle worth Rs.800000. On 1st July 2020, the first
On 1st January, 2018 XYZ Company purchased vehicle at Rs.600000.
On 1st July, 2019, company purchased vehicle worth Rs.800000.
On 1st July 2020, the first vehicle was sold at Rs.400000 and on the same date company purchased vehicle for Rs.1000000.
Depreciation was charged @ 10% p.a. under fixed installment method. The accounts of the company were closed on 31st December each year.
Required: vehicle account for the first three years
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started