A company bought machinery for Rs. 10000 and depreciation rate is 10% on SLM. Which of the following is correct?

Depreciation Account Debit 1000

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Depreciation Account Debit 10000

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Depreciation Account credit 1000

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Machinery Account Debit 1000

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Solution

The correct option is A
Depreciation Account Debit 1000

The correct entry would be
Depreciation Account Debit 1000
Machinery Account Credit 1000

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A company bought machinery for Rs. 10000 and depreciation rate is 10% on SLM. Which of the following is correct?

The correct option is A Depreciation Account Debit 1000 The correct entry would be Depreciation Account Debit 1000 Machinery Account Credit 1000

The correct option is A
Depreciation Account Debit 1000

The correct entry would be
Depreciation Account Debit 1000
Machinery Account Credit 1000