You are given following balances as on 1st April, 2005:
`{:("Machinery A/C" , " Rs 5,00,000"),("Provision for Depreciation A/C " , " Rs 1,16,000"):}`
Depreciation is charged on machinery at `20%` p.a. by the Diminishing Balance Method. A piece of machinery purchased on 1st April, 2003 for Rs 1,00,000 was sold on 1st October, 2005 for Rs 60,000. Prepare the Machinery Account and Provision for Depreciation Account for the year ended 31st March, 2006. Also, prepare the Machinery Disposal Account.