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Depreciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 April 2015 If an asset purchased in previous year, and sold in mid of the current year in profit.
So My question is the sale of asset is shown in PL or what about profit and depreciation how it is adjusted?
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Vishnu Saboo

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Vishnu Saboo (Expert)
30 April 2015 you have to credit asset a/c, and profit must be shown in P&L
Asset Value - Depreciation = net value of asset
sale value - net value of asset = profit or loss
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