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Book value

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 January 2013 I purchased an Assets of Rs.50000/- and charged depreciation 20% for Full Year. I sold that Assets of Rs.42,000/- what is the Book Value of the Assets and Journal Entry. Please guide me.
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CA Priyank Singhi

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CA Priyank Singhi (Expert)
17 January 2013 After depreciation book value of the asset is Rs 40000. The entry would be:
Bank A/c Dr 42000
To Asset 40000
To Profit on sale of Asset 2000

After this write off Profit on sale of asset to PL a/c
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