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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- SFT Cash Deposit in Current Account
- Copyright software
- When TDS on GST applied
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
