Depreciation on TATA Magic

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This discussion covers the accounting treatment for selling a TATA Magic vehicle. It details how to calculate depreciation up to the point of sale and then record the transaction to show any resulting profit or loss in the profit and loss account. The WDV and sale price are provided to illustrate the calculation.

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(Querist)
12 August 2023 A society running school owns a tata magic for carrying the student to school.
WDV as on 31-03-2022 Rs 223607, sold on 21-11-2022 for Rs 200000
How to show this transaction in the books of account
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RAJA P M

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RAJA P M (Expert)
12 August 2023 Provide Depreciation After that show the valance as Profit or Loss...
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Yasir

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Yasir (Querist)
12 August 2023 Depreciation will be provided till October 2022 and after providing depreciation if any loss or profit should be charged to pl account
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