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Question

The sale of equipment costing Rs16,000 with accumulated depreciation of Rs13,400 and sale price of Rs4,000 would result in a:


  1. Gain of Rs1,400

  2. Gain of Rs4,000

  3. Loss of Rs1,400

  4. Loss of Rs9,400


Solution

The correct option is A

Gain of Rs1,400


Particulars      Amount    
Sale Value   4000  
Book Value   2600 (16000-13400)
Profit   1400 (5000-3000)

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