Following balances appear in the books of Dinesh, as on 1st April, 2018:
`{:("Machinery Account", " Rs 8,00,000,"):}`
`{:("Provision for Depreciation Account", " Rs 3,10,000."):}`
On 1st July, 2018, a machinery which was purchased on 1st April, 2015 for Rs 1,20,000 was sold for Rs 50,000 plus CGST and SGST `"@ " 6%` each and on the same date another machinery was purchased for Rs 32,000 plus CGST and SGST `"@ "6%` each. The firm charges depreciation `"@ " 15%` p.a. On Original Cost Method and closes its books on 31st March every year.
Prepare Machinery Account and Provision for Depreciation Account for the year 2018-19. Also, pass Journal entry for the sale of machinery.