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Dear Sir,
an employee going to leave his job and the employer giving him 3months salary of Rs. 45000, and giving 95000/- aginst full & Final Settlement . so tell me how i pass the entry.
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Answer Posted / saloni
Total amount=95000, salary=45000
Salarya/c dr. 45000
y a/c dr. 50000
To cash/bank a/c 95000
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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
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