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Q2: a) Why we need a contra asset account for recording of depreciation and what journal entry is required? b) Jolta & Co purchased equipment

Q2: a) Why we need a contra asset account for recording of depreciation and what journal entry is required? b) Jolta & Co purchased equipment for Rs.18,000. By the current balance sheet date, Rs.6,000 had been depreciated. Indicate the balance sheet presentation of the data. (2.5+2.5 = 05 Marks)

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