Raj & Raj Ltd purchased a machinery on 01.01.1996 for
Rs.88,000.The life of the machine estimated to be 5 Yrs.It
was calculated that the old machinery would fetch Rs.8000
at the end of its useful life.it was decided to replace the
machinery at the end of the fifth year by setting up
depreciation fund and invest the annual depreciation (along
with interest earned each year) in gilt edged securities
carrying interest at 5% per annum at the end of the 5th
year the securities were sold for Rs.62,200 and the old
machinery was sold for Rs.9000.As per the sinking fund
table Rs.14,478 is to be invested every year.A new machine
was purchased on 01.01.2001 for Rs.1,00,000.Pass the
journal entries and show the ledger accounts
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