Disposal of assets
This query is : Resolved
Manoj Prasad
(Querist)
02 August 2013
for F.Y 2012-13
In a private limited Company.there is fixed assets as...below
depreciation was being made since 2009
Mobile of Rs.1442/-on 31.03.2013
Air Condition of Rs.7480/- on 31.03.2013
No depreciation has been made on 31.03.2013
Now I want to dispose theses assets..please tell me what effect to show in balance shee and how..regards
In a private limited Company.there is fixed assets as...below
depreciation was being made since 2009
Mobile of Rs.1442/-on 31.03.2013
Air Condition of Rs.7480/- on 31.03.2013
No depreciation has been made on 31.03.2013
Now I want to dispose theses assets..please tell me what effect to show in balance shee and how..regards
02 August 2013
u need to find out its written down as on date of sale by depreciating it and then you find out whether there is profit or loss.
if sp > wdv then its profit.
if sp< wdv then its loss.
credit the profit to p&l and debit in case of loss.
The asset will not be allowed to show in bal sheet after its sales .
if sp > wdv then its profit.
if sp< wdv then its loss.
credit the profit to p&l and debit in case of loss.
The asset will not be allowed to show in bal sheet after its sales .
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