Loss on Sale of Machinery Account _____.

Real

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Personal

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Nominal

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All of the above

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Solution

The correct option is C Nominal
All expenses and losses are part of nominal account. As per the rule of nominal account, all expenses and losses are debited.

Loss on sale of machinery is a nominal account.

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Q. In the books of SZ Ltd. the machinery account shows a debit balance of Rs. 60,000 as on 1.4.2015. The machinery was sold on 30.9.2016 for 30,000. The company charges depreciation @ 20 % p.a on diminishing balance method. Profit/Loss on sale = ?

Q. Loss on sale of machinery will be ________.

In the books of D Ltd. the machinery account shows a debit balance of Rs.60,000 as on April 1,2017.The machinery was sold on March 31, 2018 for Rs.30,000. The company charges depreciation @ 20% p.a. on diminishing balance method. Profit/Loss on sale of the machinery will be .................

Rectify the following errors:

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(c)	Repairs on machinery Rs 1,400 debited to machinery account.
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(e)	Sale of old machinery at book value of Rs 3,000 was credited to sales account.

A loss incurred on the disposal of plant and machinery should be debited to Profit or loss account. Is the statement true / false?

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Loss on Sale of Machinery Account _____.

The correct option is C NominalAll expenses and losses are part of nominal account. As per the rule of nominal account, all expenses and losses are debited. Loss on sale of machinery is a nominal account.

The correct option is C Nominal
All expenses and losses are part of nominal account. As per the rule of nominal account, all expenses and losses are debited.

Loss on sale of machinery is a nominal account.