Suppose Company A has sold the Car in the middle of the F.Y.
My Query is that first we have to pass the Full year Depreciation entry in the year in which sale has taken place and then we have to pass the reversal entry for the difference of the amount i.e. The difference Between the Full Year Depreciation Less Depreciation till the date of Sale
19 December 2008
Pl provide depreciation in the books of accounts as per schedule X1V of the Companies act,1956 only up to the date of sale of the asset.
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