Shri Krishan Manufacturing Company purchased 10 machines for  `Rs.` 75,000 each on July 01,
Channel: Doubtnut
Date: 2021-11-02

Shri Krishan Manufacturing Company purchased 10 machines for  `Rs.` 75,000 each on July 01, 2014. On October 01, 2016, one of the machines got destroyed by fire and an insurance claim of  `Rs.` 45,000 was adimitted by the company. On the same date another machine is purchased by the company for `Rs.`  1,25,000. The company writes off `15%` p.a. depreciation on written down value  basis. The company maintains the calendar year as its financial year. Prepare the machinery account from 2014 to 2017.