On 1st October, 2012 a truck was purchased for Rs. 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at 15 % per annum on the diminishing balance basis on this truck. On 31st December, 2016 this truck was sold for Rs. 5,00,000. Accounts are closed on 31st March, every year. Prepare a truck account for the 4 years.

On 1st October, 2012 a truck was purchased for Rs. 8,00,000 by Laxmi T

1.	On 1st October, 2012 a truck was purchased for Rs. 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at 15 % per annum on the diminishing balance basis on this truck. On 31st December, 2016 this truck was sold for Rs. 5,00,000. Accounts are closed on 31st March, every year. Prepare a truck account for the 4 years.
Answer» On 1st October, 2012 a truck was purchased for Rs. 8,00,000 by Laxmi Transport Ltd. Depreciation was provided at 15 % per annum on the diminishing balance basis on this truck. On 31st December, 2016 this truck was sold for Rs. 5,00,000. Accounts are closed on 31st March, every year. Prepare a truck account for the 4 years.