Question
The cost of the asset purchased on 1 st April, 2008 was Rs.24, 000. the depreciation was provided at 10% on Straight Line Method. The
The cost of the asset purchased on 1st April, 2008 was Rs.24, 000. the depreciation was provided at 10% on Straight Line Method. The asset was sold on 31st Jan, 2009 for Rs.18, 000. Which of the following statements is/are true?
(a) Depreciation provided for the year was Rs.2,400
(b) Loss on the sale of asset was Rs.4,000
(c) No depreciation will be provided
(d) Both (a) and (b).
Step by Step Solution
3.32 Rating (146 Votes )
There are 3 Steps involved in it
Step: 1
The detailed answer for the above question is provided bel...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
