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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 _____.
(a)Capital & transferred to capital reserve
(b)Revenue & transferred to P & L a/c
(c)Capital & transferred to P & L a/c
(d)Revenue & transferred to general reserve

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A portion of an individual's total income is spent on consumption. The remaining part is called _____.

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