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Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is nature and profit on sale is

April 23, 2022
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Rohit carrying on real estate business sold a piece of land for

Q. Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is nature and profit on sale is

A.            Revenue & transferred to P & L a/c

B.            Capital & transferred to capital reserve

C.            Capital & transferred to P & L a/c

D.            Revenue & transferred to general reserve

Answer: Revenue & transferred to P & L a/c

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