Name :: Sijo
Your Country :: India
Question Title: :: Income and Expenditure
Your Country :: India
Explain your question in detail ::
Sale of furniture on 1.1.13 ₹ 750. furniture 31.12.12 ₹2000. 31.12.13 ₹1080. Depreciation was 10% p.a. On the furniture left after selling a part of it.
Answer : In the income statement, we will show the depreciation of furniture in expense side and income side, we will show profit on the sale of furniture. If there is the loss, then it will be in expense side. Now, try to solve it yourself.