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Question no 4 A company purchased Machinery at a cost of Rs. 600000 having salvage value of Rs. 100000 and life is to be estimated

Question no 4 A company purchased Machinery at a cost of Rs. 600000 having salvage value of Rs. 100000 and life is to be estimated 5 years. After 3 years machinery disposed of as per below, Sale of Asset at Rs. 450000 Trade in Allowance Rs. 280000, New Asset Cost Rs. 700000 Retirement of Asset without any consideration Required: Give entries in the General Journal to record the disposal of Machinery under given conditions separately (03 Marks)

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