Calculation of depreciation
This query is : Resolved
21 October 2014
how to calculate depreciation in proprietorship firm if a assets sold at the end of year on 31/03/2014.
22 October 2014
As per company act
Dr.accumulated depreciation
Cr.fixed asset(cost of asset)
Dr.debtor for asset(sale value of asset)
Cr.profit on sale of asset
Dr.loss on sale of asset.
as per income tax act sale value of asset will be reduced from respective block
Dr.accumulated depreciation
Cr.fixed asset(cost of asset)
Dr.debtor for asset(sale value of asset)
Cr.profit on sale of asset
Dr.loss on sale of asset.
as per income tax act sale value of asset will be reduced from respective block
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