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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.

Answer Posted / 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



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