Question
On 1st January, 2008 A Ltd. purchased a machinery of Rs.6, 000 and also purchased a second hand machinery as on 1st July, 2008 of Rs.5, 000. Both the machinery were sold on 31st April, 2009 for Rs.5, 000 and Rs.4, 200 respectively. The company charges depreciation @ 20% p.a. on diminishing balance method. What will be the profit or loss on sale of both machinery?
Answer: Option C
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