Practicing Success
From the trial balance and other information provided by school for the year ended 31st March 2017. Answer the question.
Additional Information: i. Tuition fee yet to be received for the year are ₹25,000. |
Loss on sale of furniture is: |
₹ 20,000 ₹ 30,000 ₹ 25,000 ₹ 28,000 |
₹ 30,000 |
The correct answer is Option (2) - ₹ 30,000. As no other information is given so it is assumed that furniture is sold on April 1, 2016. Book Value of Sold furniture (50,000) Loss = Book value of furniture - sale value |