Calculation of depreciation

This query is : Resolved

Report Abuse Follow Query Ask a Query

DEEPAK

DEEPAK (Querist)
Follow

21 October 2014 how to calculate depreciation in proprietorship firm if a assets sold at the end of year on 31/03/2014.

Ganeshbabu K

Ganeshbabu K (Expert)
Follow

22 October 2014 As per company act

Dr.accumulated depreciation
Cr.fixed asset(cost of asset)
Dr.debtor for asset(sale value of asset)
Cr.profit on sale of asset
Dr.loss on sale of asset.

as per income tax act sale value of asset will be reduced from respective block

Message likes : 1 times