Depriciation
This query is : Resolved
vijay kumar
(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
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
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
Profit or loss= sale proceeds - Book value as on date of sale
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