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Copper Industries (a sole proprietorship) sold threeSolutionb) Prior y.docx

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Copper Industries (a sole proprietorship) sold threeSolutionb) Prior y.docx

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Copper Industries (a sole proprietorship) sold three
Solution
b) Prior year 1231 losses $ 6000
Current year profit 15000
Current year loss =6000+9000 = $ 15000
Net 1231 loss carriied forward = $ 6000

.

Copper Industries (a sole proprietorship) sold three
Solution
b) Prior year 1231 losses $ 6000
Current year profit 15000
Current year loss =6000+9000 = $ 15000
Net 1231 loss carriied forward = $ 6000

.

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Copper Industries (a sole proprietorship) sold threeSolutionb) Prior y.docx

  1. 1. Copper Industries (a sole proprietorship) sold three Solution b) Prior year 1231 losses $ 6000 Current year profit 15000 Current year loss =6000+9000 = $ 15000 Net 1231 loss carriied forward = $ 6000 Copper Industries Amount in $ Particulars Cost Acquired on Depreciation Sold for Sold on profit/loss Character Rack 110000 10-10-2011 70000 55000 10-10- 2014 -15000 Profit Forklift 45000 16-10-2010 21000 15000 10-10- 2014 9000 Loss Bin 97000 12-03-2013 31000 60000 10-10- 2014 6000 Loss

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