When a part of the Fixed Assets is sold during the year, the Profit on sale is shown on the credit side of which Account?

Related MCQs

• Loss on sale of Fixed Assets / Investment will be shown on the credit side of adjusted profit and loss account.
• The balance of fixed assets of Breej Ltd. at the end of 2018 and 2019 were Rs 5,70,800 and Rs 6,15,300. During the year 2019 a machinery costing Rs 60,000 was sold. Determine the purchase of fixed assets.
• For Ram Industries, the balance of property has beenRs 20,000 and Rs 17,000 in 2018 and 2019 respectively. The profit on sale of property of Rs 2000 is credited to Capital Reserves Account. New property costing Rs 5000 bought in 2019. Determine sale proceeds forproperty.
• From the following details find out the fund from operations PAT Rs. 2,500 Accumulated Depreciation Rs. 2,900 Retained Earning Rs. 4,200 Goodwill Written off Rs. 300 Profit on Sale of Fixed Assets Rs. 200
• Among the following items which item is shown on the debit side of Adjusted Profit and Loss Account?
• Part of Profit transferred to General Reserve will be shown on the debit side of _________
• Non-cash adjustments like Depreciation, Preliminary Expenses and Goodwill Written off are shown on the debit side of which account?
• Last year’s proposed dividend has been paid during the current year and hence will be shown as________
• For Meghal Industries Ltd. opening balance for Provision for Taxation is Rs. 18,000 and closing balance is Rs. 15,000. During the year Taxed paid wereRs. 10,000. What is the current year’s Provision for Taxation made from the profit?
• The proposed dividend for the Current Year would appear on the debit side of which account?