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Depriciation

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(Querist)
19 October 2012 Dear Sir,

there is on Fixed asset showing in the companies balance sheet of F/Y 2011-12, which has been sold in current financial year . i want to know that should i provide depriciation under companies act on that asset till the date it was sold or not to calculate the actual profit/loss on the sale of that asset.

Thanks
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CA C.JANANI

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CA C.JANANI (Expert)
19 October 2012 Depreciation has to be computed till the date of sale too arrive at the book value as on date of sale .
Profit or loss= sale proceeds - Book value as on date of sale
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