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What is meant by long term Asset.(2.5 marks) Give Any two examples of long term...

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Accounting

  1. What is meant by long term Asset.(2.5 marks)
  2. Give Any two examples of long term assets.(2.5 marks)
  3. On 1st of April 2000, Sonu Ltd. Purchased a machinery for 3,90,000 on which they spent 10,000 for installation charges. The company charges depreciation @10% per year. On straight line method. Accounts are closed on 31st March every year. Show the machinery account for 3years. (5 marks)

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