A company purchased a machinery for Rs.50,000 on 1stJuly 2008. Anothermachinery costing Rs.10,000… 1 answer below »

A company purchased a machinery for Rs.50,000 on 1stJuly 2008. Anothermachinery costing Rs.10,000 was purchased on 1st September 2009. On 31stDecember 2010 the machinery purchased in 2008 was sold at a loss of Rs.5,000.The company charges depreciation at the rate of 15% diminishing balance method.Accounts are closed on 31st December every year.

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