On January 01, 2011, Satkar Transport Ltd., purchased 3 buses for `Rs.` 10,00,000 each/  On July
Channel: Doubtnut
Date: 2021-11-02

On January 01, 2011, Satkar Transport Ltd., purchased 3 buses for `Rs.` 10,00,000 each/  On July 01, 2013, one bus was involved in an accident and was completely destroyed and `Rs.` 7,00,000 were  recived from the Insurance Company in full settlement. Depreciation is written off @`15%` p.a. on diminishing balance method. Prepare bus account from 2011 to 2014. Books are closed on December 31 every year.