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Question 
A business unit disposes an old asset at a rate higher than 
its written down value. Then how it will be recorded and 
under what head of income
 Question Submitted By :: Mudunoori
I also faced this Question!!     Rank Answer Posted By  
 
  Re: A business unit disposes an old asset at a rate higher than its written down value. Then how it will be recorded and under what head of income
Answer
# 1		 
The entry will be 

Bank a/c DR
TO Profit on sale of Asset 
TO Machinery a/c

and it comes under capital income
 
Is This Answer Correct ?    2 Yes 0 No
Srinivas Annavarapu
 

 
 
 
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