The Machinery Account of a Factory showed a balance of 95 Lakhs on 1st April, 2023 . The Books of Accounts of the Factory are closed on 31st March…

Plant and Machinery Account for the year ended 31st March, 2024 Particulars ₹ ₹ 01-04-23 To Balance b/d 95,00,000 01-09-24 By Bank (Sales) 3,75,000 01-09-23 To Bank (₹ 14,00,000 +44,600) 14,44,600 By Depreciation (on sold machine) 73,811 By Loss on sale 13,22,659 By Loss on scrapping the machine 18,84,562 By Depreciation (on Scrapped machinery) 81,938 By Depreciation (Note iii) 6,60,471 31-03-24 By Balance c/d 65,46,159 109,44,600 109,44,600 Working Note: (i) Calculation of loss on sale of machine on 01-09-2023 Particulars ₹ Cost on 1-4-2021 21,87,000 Less: Depreciation @10% on 21,87,000 (₹ 2,18,700) W.D.V. on 31-03-2022 19,68,300 Less: Depreciation @10% on 19,68,300 (₹ 1,96,830) W.D.V. on 31-03-2023 17,71,470 Less: Depreciation @10% on 17,71,470 for5 months (73, 811) 16,97,659 Less: Sale proceeds on 01-09-2023 (₹ 3,75,000) Loss 13,22,659 (ii) Calculation of loss on scrapped machine Particulars ₹ Cost on 1-4-2022 21,85,000 Less: Depreciation @10% on 21,85,000 (₹ 2,18,500) W.D.V. on 31-3-2023 19,66,500 Less: Depreciation @10% on 19,66,500 for5 months (81, 938) Loss 18,84,562 (iii) Depreciation Particulars ₹ Balance of machinery account on 1-4-2023 95,00,000 Less: W.D.V of machinery sold 17,71,470 W.D.V. of machinery scrapped 19,66,500 (₹ 37,37,970) Balance of other machinery after sale and scrap on 1-4-2023 57,62,030 Depreciation @10% on 57,62,030 for12 months 5,76,203 Depreciation @10% on 14,44,600 for7 months 84,268 6,60,471 Note: The figures are rounded off to nearest rupee.