Purchased machinery
This query is : Resolved
02 January 2014
Dear All
I your company we purchased a machinery cost of Rs.500000/- and transport charges is Rs.25000/- Labour charges Rs.5000/- instalation charges Rs.15000/- what is the machinery cost as per accounts and how the depreciation will be taken.
Question is
What is the Total amount of machinery have to taken
how depreciation to be taken
journal entries how it can be take
Thanking You
Amruth Kumar
I your company we purchased a machinery cost of Rs.500000/- and transport charges is Rs.25000/- Labour charges Rs.5000/- instalation charges Rs.15000/- what is the machinery cost as per accounts and how the depreciation will be taken.
Question is
What is the Total amount of machinery have to taken
how depreciation to be taken
journal entries how it can be take
Thanking You
Amruth Kumar
02 January 2014
Total cost would be 5,00,000+25,000 + 5,000+15,000 =5,45,000
Depreciation on the basis on period held as asset till 31.3.2014 on rs 5,45,000
Journal entries:
1. for purchasing machine:
Machinery A/c...dr 5,45,000
To Cash/Bank A/c 5,45,000
2. Depreciation
Depreciaition on Machinery A/c...
To Machiney A/C
Depreciation on the basis on period held as asset till 31.3.2014 on rs 5,45,000
Journal entries:
1. for purchasing machine:
Machinery A/c...dr 5,45,000
To Cash/Bank A/c 5,45,000
2. Depreciation
Depreciaition on Machinery A/c...
To Machiney A/C
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