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XYZ limited account of plant and machinery as at 1/1/03 stood at Ksh. 11,000,000 while the accumulated depreciation stood at Ksh. 4,000,000. It is the company's policy to charge depreciation at 10% on cost pro-rata to time on all assets and no charge in the year of disposal. The following transactions took place:
Purchases:
Date
Item
Amount
1/3/03
Machinery X
3,000,000
30/6/03
Machinery
4,000,000
Disposals:
Orig.cost
Sale proceeds
Date of Purchase
1/4/03
Machinery A
2,000,000
900,000
30/6/99
Machinery B
1,500,000
1,200,000
1/9/01
Other transactions:
1. A machinery bought on 30/6/00 at 1,000,000 was completely damaged on 1/4/03.
The insurance company paid sh. 700,000
2. A machinery bought on 30/6/99 at 1,000,000 was exchanged for a new one costing 1200,000 on 31/7/03. The company paid sh. 400,000 in the exchange.
Required:
1. Machinery a/c 2) Depreciation a/c 3) Accumulated depreciation a/c 4) Disposal a/c
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