A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on written down value method, find the profit or loss on sale of the Second hand car?
AProfit of 11,000
BLoss of 20,000
CLoss of 22,000
DLoss of 11,000
Correct answer
C. Loss of 22,000
Explanation
Loss of 22,000 is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.