Depreciation
This query is : Resolved
26 June 2012
if a car is sold purchased 4 years ago is sold for rs 180000.and loss on sale of asset is 20000.how we trea it as per company act in preparing depreciation schedule as per company act.how mch to be deductd from from gross block,wdv or original value or sale value
CA CS Amit S. Kedia
(Expert)
26 June 2012
The following will be the entry
1. Depreciation on motor Vehicle A/c DrXXX
To Provision for Depreciation XXX
Note:-Depreciaiton till the date of sale to be provided)
2. Cash/Bank A/c Dr 180000
Loss on sale of FA 20000
Provision for depreciation XXX
To Motor Vehicle XXX
Note:- Cost of motor Vehicle and Provision for depreciation related to motor vehicle will get removed on sale of car.
1. Depreciation on motor Vehicle A/c DrXXX
To Provision for Depreciation XXX
Note:-Depreciaiton till the date of sale to be provided)
2. Cash/Bank A/c Dr 180000
Loss on sale of FA 20000
Provision for depreciation XXX
To Motor Vehicle XXX
Note:- Cost of motor Vehicle and Provision for depreciation related to motor vehicle will get removed on sale of car.
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