Depreciation
This query is : Resolved
21 May 2011
Furniture bought on 1st October 2005 for Rs.40,000 was sold on 31st March 2007 for Rs.30,000. Depreciation is charged @10% original cost. Accounting year closes on 31st March every year.Profit on sales will be____?
21 May 2011
it will be the loss of Rs.4000
22 May 2011
But the answer key shows profit of Rs.2000...
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