30. An electricity company charging depreciation on straight line method on each asset separately, sells...
90.2K
Verified Solution
Link Copied!
Question
Accounting
30. An electricity company charging depreciation on straight line method on each asset separately, sells one of its machinery in April, 2020 at * 1,20,000. The WDV of the machinery at the beginning of the year i.e., on 1st April, 2020 is * 1,35,000. No new machinery was purchased during the year. The shortfall of 15,000 is treated as - (a) Terminal depreciation (b) Short-term capital loss (c) Normal depreciation. (d) Any of the above, at the option of the assessee
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
