How to treat sale of fixed asset

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Linto

Linto (Querist)
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02 December 2015 How to treat sale of fixed asset

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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05 December 2015 Treatment in financial accounting / cost accounting / taxation not specified.

Linto

Linto (Querist)
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11 December 2015 treatment in financial accounting

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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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.

Linto

Linto (Querist)
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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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