A business unit disposes an old asset at a rate higher than its written down v

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 Posted / mudunoori

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A business unit disposes an old asset at a rate higher than its written down value. Then how it wi..

Answer / srinivas annavarapu

The entry will be

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

and it comes under capital income

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