How to treat sale of fixed asset
This query is : Resolved
05 December 2015
Treatment in financial accounting / cost accounting / taxation not specified.
11 December 2015
Profit or loss sale of fixed assets needs to be determined after adjusting the accumulated depreciation. In case you require computation method including accounting entries please let me know.
12 December 2015
I need computation method as well as accounting entry for the same. Please also let me we are a proprietorship firm who are the dealers of sports bike. Now we are having test ride vehicles which we have accounted as fixed asset.Now we are planning to sell one of our test ride vehicle which was bought on 14/9/2015. Now my question is suppose if we sell it on 31.12.2015 how will you calculate the depreciation as in the case of proprietorship if i am correct you calculate depreciation not taking number of days.
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