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Question

Original cost - 2,50,000, Accumulated Deprecation - 50,000, Sale Price - 2,00,000
calculate resulting profit and loss.

A
Loss 50,000
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B
Profit 50,000
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C
Loss 15000
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D
No Profit No Loss
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Solution

The correct option is D No Profit No Loss
Solution to the given problem is as under:

Original Cost Rs.250000
Less: Accumulated depreciation Rs. 50000
-------------------
Written down value of the asset Rs.200000
Less: Sale Price Rs.200000
-------------------
Profit/Loss on sale of asset Rs. NIL
--------------------

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