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A business unit disposes an old asset at a rate higher than
its written down value. Then how it will be recorded and
under what head of income
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Answer Posted / srinivas annavarapu
The entry will be
Bank a/c DR
TO Profit on sale of Asset
TO Machinery a/c
and it comes under capital income
| Is This Answer Correct ? | 4 Yes | 1 No |
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