A machinery was purchased on 1st January 1999 and was depreciated at the rate of 10% on diminishing balance method. It was sold on 31st March 2001 when its value was Rs. 67,129 what was its value on 1st January 1999?

The correct answer is D. None of the above.

The value of the machinery on 1st January 1999 cannot be determined from the information given. The question states that the machinery was depreciated at the rate of 10% on diminishing balance method, but it does not state the original cost of the machinery. Therefore, it is not possible to calculate the value of the machinery on 1st January 1999.

The diminishing balance method is a method of depreciation in which the depreciation rate is applied to the book value of the asset, which is the original cost of the asset less any accumulated depreciation. In this case, the book value of the machinery on 1st January 1999 would be the original cost of the machinery less any depreciation that had been taken up to that date. However, the original cost of the machinery is not given, so it is not possible to calculate the book value of the machinery on 1st January 1999.

Without knowing the original cost of the machinery, it is not possible to calculate the value of the machinery on 1st January 1999. Therefore, the correct answer is D. None of the above.