Response to the following problem:
The Cash Price of a machine was £1,200. D. George acquired it on 1st January, 1959, and paid a deposit of £400 on that day. The balance including interest at 8 % per annum was to be settled by seven quarterly instalments of £123 5s. Od. over the years 1959 and 1960. No account is opened for the supplier. Give the Machine Account for the two years, providing depreciation at 10% per annum.