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Income and Expenditure Account

Which of the ...

Question

Which of the following is to be recorded in an income and expenditure account?

A

Purchase of a fixed asset

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B

Capital expenditure incurred on a fixed asset

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C

Profit on sale of fixed asset

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D

All of these

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Solution

The correct option is C
Profit on sale of fixed asset

Profit on sale of fixed asset is shown in income and expenditure account

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