How to account profit from sale of fixed assets
This query is : Resolved
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R.KANDASUBRAMANIAN
(Querist)
21 January 2022
the company has land and sold at profit of Rs 100 lakhs and after sale of this asset, no asset exits in block of assets.
how to account this in Profit and loss account
Is it Extradinary or Exceptional Item in PL a/c
how to transfer this to capital reserve and is it through PL a/c
kindly give your opinion experts
how to account this in Profit and loss account
Is it Extradinary or Exceptional Item in PL a/c
how to transfer this to capital reserve and is it through PL a/c
kindly give your opinion experts
CA R SEETHARAMAN
(Expert)
22 January 2022
It's exceptional item. Tranfer through p and l account.
R.KANDASUBRAMANIAN
(Querist)
26 January 2022
Dear Experts, thanks for the reply sir
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