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Teaching Accountancy Accounting for Specific Business and Transactions Question Bank MCQ - Accounting for Specific Business and Transactions

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    A machine was bought at a cost of ` 500000 on 1.1.2002. During its life of 10 years, it will be depreciated on SLM basis. On 31.12.2009, the machine was sold for ` 150000. Find out the profit/loss.

    A)  Loss of  ` 150000

    B)  Profit of ` 50000

    C)  Profit of ` 100000

    D)  Profit of ` 150000

    Correct Answer: B

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