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The following balances appeared in the balance sheet of Addax, a limited liability company, at 31 March 2001.
$
Plant and equipment —— cost              840,000
Accumulated depreciation                   370,000
In the year ended 31 March 2002 the following transactions took place:
(1) Plant which had cost $100,000 with a written down value of $40,000 was sold for $45,000 on 10 December .
(2) New plant was purchased for $180,000 on 1 October 2001.
It is the policy of the company to charge depreciation at 10% per year on the straight line basis with a proportionate charge in the year of acquisition and no charge in the year of sale. None of the plant was over ten years old at 31 March 2001.
 
Required:
Prepare ledger accounts recording the above transactions. A cash account is NOT required.