On 1st January 1992 there was a balance of Rs. 4,000 in the plant and machinery account. An addition of Rs. 2,000 was made on 1st July 1992. Accounts were closed for the year on 31st December 1992. If depreciation was charged at 10% per annum, the balance in the plant and machinery account on the closing date would be:
A. Rs. 5,300
B. Rs. 5,400
C. Rs. 5,500
D. Rs. 5,600
Answer: Option C
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