Book value
This query is : Resolved
Querist : Anonymous
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.
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
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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