Depreciation Entry on account of Sale of FIxed Asset
This query is : Resolved
Ravi Kiran
(Querist)
19 December 2008
Dear Sir,
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
Please clarify
Regards
Ravi Konda
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
Please clarify
Regards
Ravi Konda
19 December 2008
no, only the part of the depreciation shall made for which the assets used than after entry made for sale.
Message likes :
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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.
CA Nitin Wadhwani
(Expert)
08 February 2009
Depreciation is allowed till the date of sale of asset
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