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How loss on sale of sports material is entered in Income and Expenditure Account? If sports material book value is $120 but sold at $50?​

Sagot :

Answer: $70

Explanation:

The amount of loss on sale of sports material that is entered in Income and Expenditure Account will be the difference between the sports material book value and the sales price. This will be:

= $120 - $50

= $70

Therefore, the loss on sale of sports material is $70.

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