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Answer Posted / akhilesh kumar
Debit & Credit depends upon criteria of principal
1- debit is the receiver & credit is the giver
example. syham goods sold to ram ,
ram is a receiver dr
shyam is a giver cr
2- what come in debit & what goes out credit.
example. goods purchase for cash
purchase of goods (debit)come in
cash ( credit)goes out
3- all expenses & losses are debit & all income &gain are
credit.
| Is This Answer Correct ? | 5 Yes | 2 No |
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Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
