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Journal entry
Journal entry required: Horse as an Asset (used in business activities) worth Rs 10000 died and carcass sold for Rs 3000
Replies (2)
P&l a/c 7000 dr
sale of carcass a/c 3000 dr
to livestock a/c 10000 cr
Though Horse is an asset in this case, does it mean all capital losses will be transferred to P&L a/c in one year only.
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