Question

A company purchased machinery for ₹10,00,000 on 1

April 2021. The machine has a useful life of 5 years, and depreciation is charged using the straight-line method. How should the company present this expense in its financial statements for the year ended 31 March 2022?

A ₹10,00,000 deducted from retained earnings

B ₹2,00,000 deducted from gross revenue

C ₹10,00,000 as an expense in the Profit and Loss statement

D ₹2,00,000 as an expense in the Profit and Loss statement

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A company purchased machinery for ₹10,00,000 on 1

Solution