Question
Pronto Pack Ltd sells its old packaging machine for Rs 300 on 31 December 2005. The machine was bought during the year ended 31 December 2000 for Rs 10,000. Depreciation on plant and machinery is charged at 20% on a straight-line basis. The gain on disposal is:
Answer: Option B
:
B
Book Value = Nil, hence gain of Rs 300.
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:
B
Book Value = Nil, hence gain of Rs 300.
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