CBSE Class 12 Accountancy Accounting for Not for Profit Organisation Online Test

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Question 1

Question

Furniture (Book value) Rs.5,000 were sold for Rs. 4,500. New Furniture worth Rs.10,000 were purchased during the year. The amount which is to be debited to Income and Expenditure account is

Answer
Profit on sale Rs.500
Purchase of Rs.10000
Loss on sale Rs.500
Sale of furniture Rs.4500