Q1966
A machine with a written down value of Rs. 10,000 has been sold for Rs. 13,000. The amount realized is a:
A.
Capital receipt and profit involved should be transferred to capital reserve
B.
Revenue receipt
C.
Capital receipt and profit involved should be transferred to general reserve
D.
Capital receipt and profit involved should be transferred to Profit & Loss A/c
AnswerAnswer: Option D
Solution
Answer: Option D
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