Question
A machine acquired for Rs360,000 on 1st April 2006 and depreciated at 10% on WDV was sold for Rs300000 on 31th March 2009. Depreciation is time apportioned. Expenses of disposal amounted to Rs3,000. What is the gain or loss on disposal of the machine to be reported in?
Answer: Option C
:
C
Year
Value
Depreciation
WDV
2006-07
360000
36000
324000
2007-08
324000
32400
291600
2008-09
291600
29160
262440
Gain= Rs 300000-262440-3000= Rs 34560
Was this answer helpful ?
:
C
Year
Value
Depreciation
WDV
2006-07
360000
36000
324000
2007-08
324000
32400
291600
2008-09
291600
29160
262440
Gain= Rs 300000-262440-3000= Rs 34560
Was this answer helpful ?
Submit Solution