Fixed asset
This query is : Resolved
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)
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)
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
if u hv mentioned to charge depreciation on pro-rate basis, so charge depreciation for that period and than calculate the profit
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
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