Question
Q1 National Co had purchased a machine on july 1, 2019. at a list price of Rs 90,000 subject to a trade discount of 10%
Q1 National Co had purchased a machine on july 1, 2019. at a list price of Rs 90,000 subject to a trade discount of 10% and a cash discount of 5% if payment made in 15 days. the company had paid sales tax at 2%. the company paid transportation charges of Rs 1,200. labor charges of Rs 561 testing charges of Rs 250 2 year fire insurance policy of Rs 900. the machine was estimated method and company availed the concession period.
Required :
a) Compute the total cost of machine and give the entries in General Journal
b) Compute the depreciation of 2019 and 2020
c) Give entries in General Journal to record the depreciation expense.
Note : please urgent answer please and give correct answer...
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