A New asset is purchased for Rs. 2,00,000 in replacement of an old asset of Rs. 1,50,000 and Rs. 50,000 is paid in cash . What is the effect of this transaction on the total asset of the firm ?

Question

Examsnet · Accepted Answer

Correct Answer is :  Both increase and decrease of assets by Rs. 2,00,000

CA CPT June 2018 Question Paper Fundamentals of Accounting for online practice