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Question

If book value of a fixed asset equals to market value or sale proceeds of a fixed asset then :


  1. there will be gain on sale

  2. None of the above

  3. no loss, no gain

  4. there will be loss on sale


Solution

The correct option is C

no loss, no gain


If book value of a fixed asset equals to market value or sale proceeds of a fixed asset, then gain or loss on sale=0.

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