On 1st April 2016 ,Machinery purchased costing ₹ 15,000. On 1st July, 2018, 1/3rd part of the above Machinery sold for ₹ 3,300. Calculate Profit or loss on sale of Machiney, if Depreciation is charged @10% p.a on original cost.
Loss ₹575
Profit ₹575
Loss ₹8,325
Ptofit ₹8,325
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Answer:
Loss ₹8,325
Step-by-step explanation:
Cost of Machine = 15,000
Depreciation for 2016-17=15,000*10%=1,500
Depreciation for 2017-18=15,000*10%=1,500
Depreciation from 1st April 2018 to 1st July 2018=15,000*10%*3/12=375
Total depreciation = 1500+1500+375=3375
Book value of the machine on 1st July 2018 = 15,000-3,375=11,625
Sale price = 3,300
Loss = 11,625-3300=8,325
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