Answer / ameet narayankhedkar

In accounting, we have 3 categories: Assets, Liabilities,
and Equity.

Equity is the difference between your Assets and your
liabilities.
Liquidity refers to how easy you can convert an asset into
cash.

EX:Houses would be illiquid and things like stocks are
probably more liquid

Please let me know in which Section we can disallow loss on sale of assets which has been debited in profit and loss account

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