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Sale of machinery

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(Querist)
05 August 2015 Year 2013-14

Plant & Machinery Opening. Value 3,00,000
New machine purchased Rs 5,00,000
added to Plant & Machinery and charged dep.

Note : No concept of block, by nature of asset, asset grouped likewise say Machinery in Machinery.

Year 2014-15

The machinery purchased last year costing Rs. 5,00,000 sold to 3 lacs and VAT collected and paid thereon

Now the problem is how to account for sale of new machine, it is to be deducted merely by Rs 3,00,000, then how to book for loss....

Please help
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Amol S Joglekar

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Amol S Joglekar (Expert)
05 August 2015 Since the asset is extinguished due to sale, account for the loss as "Loss on sale of asset" in 2014-15.

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