18. On 1st May, 2002, Gopal Ltd. purchased a machinery for Rs. 3,00,000. On


18. On 1st May, 2002, Gopal Ltd. purchased a machinery for Rs. 3,00,000. On 1st August, 2003
another machinery was purchased for Rs. 1,80,000. On 30th April, 2004 the machinepurchased on 1st May, 2002 was sold for Rs. 1,68,000 and on the same date a fresh machinerywas purchased for Rs. 2,00,000. Depreciation was provided @ 10% p.a. on the reducingbalance method. Books are closed on 31st December every year. You are required to prepareMachinery Account and Provision for Depreciation Account for the year 2002 to 2004.​


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