Profit and loss a/c
This query is : Resolved
Guest
Guest
(Querist)
13 August 2014
Profit from the sale of machinery is 2000. And in the adjustment it is given that suspense account of Rs2000 represent cash received for the sale of some machinery on 1st day of financial year.
Query: Is profit from sale machinery will shown in other income or it is to be shown in exception item in profit and loss account.why it is shown so??
Query: Is profit from sale machinery will shown in other income or it is to be shown in exception item in profit and loss account.why it is shown so??
Rupesh Jain
(Expert)
13 August 2014
profit on sale of machinery will show in P & Loss a/c as Profit on sale of Mchinery
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