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Adjustment in Partner's Capital A/c (Retirement)

Original cost...

Question

Original cost of an asset is Rs 1 lacs WDV = Rs. 40,000 sold for Rs. 90,000. What will be the profit on its sale?

Loss of Rs. 50,000

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Profit of Rs. 60,000

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Profit Rs. 50,000

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Loss of Rs. 10,000

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Solution

The correct option is D Profit Rs. 50,000
Profit on sale of asset = Sales value - written down value of machinery
= 90,000 - 40,000
= RS-50,000.

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Calculate the gross profit /loss if:

Sales Rs. 90,000; Closing stock Rs. 40,000; Opening stock Rs. 40,000; Purchases Rs.40,000; Wages Rs. 20,000.

Calculate the gross profit /loss if:

Sales Rs. 60,000; Cost of sales Rs. 50,000; Opening stock Rs. 10,000; Purchases Rs.40,000; Wages Rs. 20,000 and Office rent Rs. 10,000.

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