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Prepare the truck account from

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Question - Irfan Mills Purchased a second hand truck for Rs 400000 on 1st January 2015  and spent rs 50,000 on its over hauling. Depreciation is written off 20% p.a. on the Reducing BALANCE. on 1st july 2017 old truck was exchanged with a new truck. The purchase price of new truck was Rs 800000 and vendor allowed trade in allowance Rs 200000 for the old truck. Depreciation Rate for new truck is 20% p.an on the REDUCING Balance.

REQUIRED - Prepare the truck Account From 2015 to 2018 assuming that accounts are closed on 31st DECEMBER every Year.

Reference no: EM132678309

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