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What is the Journal entry of the Transaction -- The Horse
bought on April 20 died , its carcase was sold for rs.50.
also tell me what is treatment in P/L A/c and Balance Sheet.
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first let me know what type of business was that in which
horse bought and for what purpose that bought.
and secondly the purchase cost of horse.
| Is This Answer Correct ? | 15 Yes | 7 No |
Answer / smaity
I think its Bisiness of owning & maintaining of race horses.
Its taxed under "IFOS" of Income Tax
| Is This Answer Correct ? | 7 Yes | 6 No |
Answer / sonia d&
Cash A/c.... Dr. 50
To Scrap a/c ... Cr. 50
Being amount receive on the sale of horse carcase.
| Is This Answer Correct ? | 3 Yes | 9 No |
Answer / sonia d&
Cash A/c.... Dr. 50
To Scrap a/c ... Cr. 50
Being amount receive on the sale of horse carcase.
| Is This Answer Correct ? | 2 Yes | 9 No |
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