Q. 3. A company provides depreciation on plant and machinery at20% per

1.	Q. 3. A company provides depreciation on plant and machinery at20% per annum on reducing balance method. On April 1, 2006, thebalance of Plant and Machinery Account was Rs. 5,00,000. It wasdiscovered in 2006-07 that:(i) Rs. 25,000 being repairs to machinery incurred on June 30,2004 had been capitalised.(ii) Rs. 50,000 being cost of a machine purchased on October 1,2003 had been treated as ordinary goods.Management wants to correct the mistakes while preparing ac-counts for the year ending March 31, 2007. A plant that costed Rs. 40,000on Sept. 30, 2005 was scrapped and replaced with a modern plant on31st December, 2006 by spending Rs. 60,000.Calculate the amount of depreciation for the year ended March 31,2007. Also prepare machinery account upto March 31, 2007.10Or
Answer» ANSWER: I don't UNDERSTAND this QUESTION

Q. 3. A company provides depreciation on plant and machinery at20% per annum on reducing balance method. On April 1, 2006, thebalance of Plant and Machinery Account was Rs. 5,00,000. It wasdiscovered in 2006-07 that:(i) Rs. 25,000 being repairs to machinery incurred on June 30,2004 had been capitalised.(ii) Rs. 50,000 being cost of a machine purchased on October 1,2003 had been treated as ordinary goods.Management wants to correct the mistakes while preparing ac-counts for the year ending March 31, 2007. A plant that costed Rs. 40,000on Sept. 30, 2005 was scrapped and replaced with a modern plant on31st December, 2006 by spending Rs. 60,000.Calculate the amount of depreciation for the year ended March 31,2007. Also prepare machinery account upto March 31, 2007.10Or

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I don't UNDERSTAND this QUESTION

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