Sir, If i purchased the land for Rs 1 lakh after some time i sold it for rs. 80000 and then there will be a loss of rs 20000 for this how entry is to be passed and can it be the loss rs 20000 loss on sale of asset or else please let me know
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regarding the sales of land j/entry
Replies (1)
Bank / Debtor A/c....................Dr 80000
Loss on Sale Of Asset A/c.....Dr 20000
To Land A/c 100000
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