Fixed assets
This query is : Resolved
19 September 2014
we have sold some assets as scrap rs. 5,00,000 but we don't know as on date what are depreicated value as per our books because they were bought around 10-12 years ago and we don't have any fixed assets records of that years (assets wise ), pls suggest us how can i accounted it in our books of acccounts , can i show sale value under other income as scrap sale on that assumption we had clim full depreication on these assets and as per books its value is Nil
CA R SEETHARAMAN
(Expert)
19 September 2014
Treat it as scrap sale and group it under sales.
19 September 2014
it will be shown as other income and not as sales as selling scrap asstes are not ur main business
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