Ramesh bought the machinery for 100000 and annual depreciation is 10% on diminishing value method,11 month he sold the machine for 20K. Pass the appropriate journal entries..

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  • Aug 14th, 2015

machinery A/C dr
To Ramesh A/c

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Taimur Shah

  • Aug 24th, 2015

cash A/C 20,000
P/L A/C 80,000
machinery A/C 100,000

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Ganesh Pandiyan

  • May 10th, 2016

Cash A/C Dr 20000
Profit/loss A/C Dr 71000
Machinery A/C Cr 91000

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  • Jun 24th, 2016

cash A/C 20,000
P/L A/C 15337
machinery A/C 35,337

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  • Jul 26th, 2017

Depreciation a/c dr 9,167.00
Cash a/c dr 20,000.00
P/L a/c dr 70,833.00
To Machinery a/c 100,000.00

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