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in case of profit you make p/l acc of the year Credit
in case of loss you make p/l acc of the year debit
suppose you have sold an asset for USD.
Asset value is
Accumulated depriciation is.
then:
Accumulated dep.......ac .....dr
asset sale clearing ac.......dr
To Asset (APC)value.................CR....
To profit on sale of Asset...........CR...
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