If block of asset ceases to exist
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 February 2012
X ltd owns two plants plant -A & B on 1.4.2010 , W.D.V rs. 2,37,000/-
purchase new plant 'c' for rs. 20,000/-
sold plant 'A' for rs. 3,00,000/-
in this case their is no block of asset on 1.4.2011
but the company still have 2 plant 'B' & 'C' & both are in working condition , in future suppose company sold one machinary suppose 'B' sold for rs. 1,00,000/- than what will be the accounting entry
purchase new plant 'c' for rs. 20,000/-
sold plant 'A' for rs. 3,00,000/-
in this case their is no block of asset on 1.4.2011
but the company still have 2 plant 'B' & 'C' & both are in working condition , in future suppose company sold one machinary suppose 'B' sold for rs. 1,00,000/- than what will be the accounting entry
24 February 2012
When asset A is sold, Rs. 43,000/- shall be taxable as STCG.
When asset B is sold for Rs. 1 lakh, accounting entry will be:
Bank A/c Dr.
To Profit on sale of machinery
When asset B is sold for Rs. 1 lakh, accounting entry will be:
Bank A/c Dr.
To Profit on sale of machinery
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- TDS Deducted AY-2013-14 Not Reflected in 26as
- ADVANCE PAYMENT OF ADVOCATE
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- CREDIT NOTES WITHOUT GST
- DIN reactivation
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
