Question

Calculation of Profit/Loss on Sale of Asset
Case 4 : Furniture was purchased on 1st April, 2017 and sold on 31st December
13. Arun Singh purchased furniture for 1,90,000 and spent 10.000 on its
Depreciation on furniture is charged @ 10% p.a. on the fixed instalment method
furniture was sold for * 1,20,000. Books are closed on 31st March each year.
Calculate the profit or loss on sale of furniture in the following alternative cases:
Case 1 : Furniture was purchased on 1st April, 2014 and sold on 31 March, 2019
Case 2: Furniture was purchased on 1st October, 2015 and sold on 31st March, 2019
Case 3: Furniture was purchased on 1st January, 2015 and sold on 31 October, 2018​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

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Explanation:

Amount of Depreciation=Cost of Machine−Scrap Value of Machine Life in Years =1,20,000−72,0004=Rs 12,000Rate of Depreciation=Amount of DepreciationCost of Machine×100 =12,0001,20,000×100=10%p.a.