On 1st October, 2015, Meenal Sharma bought a machine for Rs 25,000 on which he
Channel: Doubtnut
Date: 29/03/2020

On 1st October, 2015, Meenal Sharma bought a machine for Rs 25,000 on which he spent Rs 5,000 for carriage and freight, Rs 1,000 for brokerage of the middle-man Rs 4,000 for installation. The machine is depreciated `\"@ \"10%` p.a. on written down value basis. On 31st March, 2018 the machine was sold to Deepa for Rs 30,500 and Rs 500 was paid as commission to broker through whom the sales was effected. Find out the profit or loss on sale of machine if accounts are closed on 31st March, every year.