The Profit or Loss on the sale of the asset is ascertained only after charging depreciation.
State whether the following statements are True or False with reason:
The Profit or Loss on the sale of the asset is ascertained only after charging depreciation.
5 views
1 Answers
This statement is True.
Cost on date of sale can be ascertained only after deducting depreciation from date of purchase till the date of sale after that it is possible to compare between cost on the date of sale and selling price to ascertain profit or loss on sale of the machine.
5 views
Answered