Accounting treatment of transfer
This query is : Open
Sukhveer Singh
(Querist)
08 May 2018
If one company have unit 1 in Ludhaian other in HP. Unit 1 trf. machinery WDV Rs. 15,00,000/- trf to HP unit for Rs. 20,00,000/- under GST. Then unit 1 will book profit on sale of machinery and unit 2 will book the machinery at cost rs. 20,00,000/-. whether this treatment is coorect as per accounting ? please suggest
CA Suresh Jain
(Expert)
08 May 2018
There can not be a sale or purchase between two units of the same Company and hence there is no question of profit or loss.
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