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).
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Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
