Depreciation treatment

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Varsha (Querist)
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20 July 2009 Can anyone tell me the treatment under the following case.

Private limited company has sold the office equipment at Rs.11000/- on 21st August 08 cost of that equipment was Rs.42102/-. How it will be treated as per Schedule VI of Companies Act 1956?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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20 July 2009 First of all for treatment of above case, we have requried WDV of sold asset as on date of sale. Then we calculate profit or loss on sale of such asset.
Please tell date of purchase of asset and wdv of asset on date of sale.

Varsha

Varsha (Querist)
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20 July 2009 Date of purchase of asset is 8th May 2007 & WDV of asset on date of sale is Rs.40935.82/-

Venkat Rao Marella

Venkat Rao Marella (Expert)
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20 July 2009 Sale consideration (11,000.00)
w.d.v as on the date of sale 40,935.82
Loss on Sale of FA 29,935.82

Loss on sale of asset to be debited to PNL A/c

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