Question
On 1st July, 2015, Sohan Lal & Sons purchased a plant costing * 60,000. Additonal plant was purchased on 1st January, 2016 for 40,000
On 1st July, 2015, Sohan Lal & Sons purchased a plant costing * 60,000. Additonal plant was purchased on 1st January, 2016 for 40,000 and on 1st October, 2016, for 20,000, paying CGST and SGST @ 6% each. On 1st April, 2017, one-third of the plant purchased on 1st July, 2015, was found to have become obsolete and was sold for 6,000, charging CGST and SGST @ 6% each. Prepare the Plant Account for the first three years in the books of Sohan Lal & Sons. Depreciation is charged @ 10% p.a. on Straight Line Method. Accounts are closed on 31st March each year.
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