Disposal of assets

This query is : Resolved

Manoj Prasad (Querist)
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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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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 .

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