The following particulars are available from the books of a public company having a large fleet of vehicles:
Balance in Provision for Repairs and Renewals Account as on 31.3.2016
Actual repairs charged/incurred during the year ended
company makes an annual provision of Rs. 4,00,000 on repairs and renewals.
Required Draw up the Provision for Repairs and Renewals Account for the years 2015-2016 and 2016-2017