X bought a machine for ₹ 25,000 on which he spent ₹ 5,000 for carriage and freight, ₹ 1,000 for brokerage of the middleman, ₹ 3,500 for installation and ₹ 500 for an iron pad. The machine is depreciated @ 10% every year on Written Down Value Basis. After three years, the machine was sold to Y for ₹ 30,500 and ₹ 500 were paid as commission to the broker through whom the sale was affected. Find out the gain (Profit) or loss on sale of Machine.

Anurag Pathak Changed status to publish October 24, 2023