Financial Accounting

QuestionsCategory: OtherFinancial Accounting
Ali asked 1 month ago
Mr.Zahid purchased a loom for Rs. 200,000 on 1st Jan. 2006. He paid Rs. 10,000 as carriage and spent Rs. 5000 on its erection. It is estimated that loom will work for 15 years and it will be sold afterwards for Rs. 10,000.
Required: Calculate amount of depreciation under straight line method and prepare loom account for four years.

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