Mathematics · Profit and Loss on Asset Sale
A machine was purchased by a bank for its back-office operations on April 1, 2022, for 10,00,000. The bank provides depreciation at 10% per annum using the Straight Line Method (SLM). On October 1, 2024, the bank sold the machine for 7,20,000. Calculate the profit or loss on the sale of the machine for the financial year 2024-2025.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Loss of 20,000
- 2Profit of 30,000
- 3Loss of 30,000✓
- 4Profit of 20,000
Correct answer
Loss of 30,000
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