Question

BALANCE OF MACHINERY : RS. 5,00,000
PROVISION FOR DEPRECIATION : RS. 2,00,000
A MACHINE PURCHASED FOR RS. 2,00,000 HAVING ACCUMULATED DEPRECIATION OF RS. 80,000 WAS SOLD FOR RS. 1,35,000. CALCULATE PROFIT/ LOSS ON SALE OF MACHINERY.

a) LOSS RS. 15,000
b) GAIN RS. 15,000
c) LOSS RS. 5,000
d) GAIN RS. 5,000

Answer 1

Answer

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BALANCE OF MACHINERY : RS. 5,00,000

PROVISION FOR DEPRECIATION : RS. 2,00,000

A MACHINE PURCHASED FOR RS. 2,00,000 HAVING ACCUMULATED DEPRECIATION OF RS. 80,000 WAS SOLD FOR RS. 1,35,000. CALCULATE PROFIT/ LOSS ON SALE OF MACHINERY.

a) LOSS RS. 15,000

b) GAIN RS. 15,000✔️

c) LOSS RS. 5,000

d) GAIN RS. 5,000$\huge\boxed{\fcolorbox{black}{yellow}{HOPE\: IT \: HELPS}}$