Fixed asset

Save Share

This query is : Resolved

NK1976

NK1976 (Querist)

10 September 2011 One of my client in his Proprietorship Business in FY 2010-11.
Buniness Turnover Rs. 4 Core. and Net Profit Rs. 20 Lacs.
Op.Bal for motor car as on 1.4.2010 for Rs.444489/-
The motor car sale for Rs. 180000/- on date 7.2.2011
Depreciation & Loss of car sale how can compute it?

Kindly suggest the same.

Thanks & Regards.

(Nathuram Kadam)

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)

26 September 2011 well deprecitaion is to be charged as per accounting policies which you have mentioned
if u hv mentioned to charge depreciation on pro-rate basis, so charge depreciation for that period and than calculate the profit

CA Pushpendra Gaur

CA Pushpendra Gaur (Expert)

26 September 2011 If u have mentioned in the account policies that no depreciation to be charged in the year of sale then whole difference of opening balance and sale proceed to charged as loss

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now