COST OF ASSETS 250000
ACCUMULATED DEPRECIATION 115000
SELLING PRICE 137500
PASS ENTRY FOR THE SALE OF ASSET.

Answer Posted / v.s.sujith

Bank A/c Dr 137500
To sale of assets 135000
To Profit on sale of assets 2500
Being sale of assets.

Detil:

COA- 250000
-Dep 115000
= 135000
-Sale 137500
=Profit. 2500

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