Accounting for sale of asset
This query is : Resolved
20 September 2011
How to account for sale of fixed assets under Companies act and Income tax act??
Considering book value, cost profit /loss and all
Considering book value, cost profit /loss and all
20 September 2011
Companies Act
1. Calculate depreciation on the basis of number of days for whioch the asset was used.
2. Calculate profit or loss on the sale of the assets.
Income Tax Act
The sale proceeds will be reduced from the block of assets and depreciation will be calculated on the balance WDV.
1. Calculate depreciation on the basis of number of days for whioch the asset was used.
2. Calculate profit or loss on the sale of the assets.
Income Tax Act
The sale proceeds will be reduced from the block of assets and depreciation will be calculated on the balance WDV.
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