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Question: A company was incorporated on 1st January, 1960, and on that date purchased two machines, each costing £1,000. Depreciation is provided at the rate of 20 per cent per annum by the straight line method. Each year the amount so provided is credited to an account called "Provision for Depreciation" and the balance on this account is deducted in the Balance Sheet from the original cost of the asset
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