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1) Following balances are extracted from the trail balance of ABC Enterprises as at 1 January 2019. Furniture Rs. 800,000 Accumulated depreciation Rs. 300,000 Depreciation

1) Following balances are extracted from the trail balance of ABC Enterprises as at 1 January 2019. Furniture Rs. 800,000 Accumulated depreciation Rs. 300,000 Depreciation rate per annum would be 10% on straight line basis This furniture was disposed on 1st January 2019 for Rs. 600,000 on cash basis. Calculate the profit on disposal

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