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Question

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


A

Depreciation Account Debit 100

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B

Depreciation Account Debit 10000

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C

Provision for Depreciation Account credit 1000

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D

Profit & loss Account Debit 10000

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Solution

The correct option is C

Provision for Depreciation Account credit 1000


The correct entry would be
Depreciation Account Debit 1000
Provision for Depreciation Account Credit 1000


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