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Depriciation

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 July 2013 ASSETS AMOUNTING TO RS 50000
ACCUMULATED DEPRICIATION 20480
ASSEST SOLD FOR RS 18000
WHAT WILL BE THE ENTRY FOR SALES OF ASSEST,AND WHETHER THERE IS LOSS OR PROFIT ON SALES OF ASSET
WHAT WILL BE THE JOURNAL ENTRY
PLEASE LET ME KNOW
WAITING FOR YOUR KEEN AND POSITIVE REPLY AS SOON AS POSSIBLE
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
11 July 2013 WDV= 50,000 -20,480=29,520

sALE VALUE =18,000
lOSS = 29520-18000=11,520.

Entry :
Loss on sale of asset a/c ...dr11,520
BANK A/C....DR 18,000
TO ASSET A/C 29,520
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