How will you treat sale of an asset while preparing income and expendi – InterviewSolution

1.	How will you treat sale of an asset while preparing income and expenditure account and closing balance sheet?
Answer» At the preparing of Income & Expenditure Account depreciation and profit/loss on it at the sale of asset will be shown in Income & Expenditure Account and preparing balance sheet in opening balance of asset by adding value of purchasing asset will be deducted from the selling value of asset.

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