Accounting · Depreciation and Asset Accounts
Precision Tools Ltd. purchased a machine for 10,00,000 units on April 1, 2021. Depreciation was charged at 10% per annum using the Straight Line Method (SLM). On October 1, 2023, the machine was sold for 6,00,000 units. On the same date, a new machine was purchased for 15,00,000 units. The company's policy is to provide full depreciation in the year of purchase and no depreciation in the year of sale. Calculate the balance of the Machine Account on March 31, 2024.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 114,00,000 units
- 212,00,000 units
- 313,50,000 units✓
- 415,00,000 units
Correct answer
13,50,000 units
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