[Solved by Experts] Kia Motors Limited Purchased
KIA Motors Limited Purchased a machinery for Rs 15,00,000 on 1 April, 2015. On 1″October, 2016 another Machinery was purchased for Rs 6,00,000. On 1 October, 2017 a new Machine was purchased for Rs 4,50,000. Depreciation at 20% per annum on the diminishing value.On 1 January, 2019 machine No.2 (purchased on 1 October, 2016) was damaged and had sold for Rs. 2,50,000 and on the same date a new machinery was purchased for Rs. 4,00,000. You are requested to show the machinery account from the accounting year 2015 to 2019. Books are closed on 31″ March every year. Company follow the charging to the assets account method for recording of its depreciation in books.