Journal + impact
This query is : Resolved
AJIT SINGH
(Querist)
27 November 2014
if company or proprietor ship body sells fixed asset and if there is profit then what kind of that profit and wht would journal entry and for loss too
CMA Ramesh Krishnan
(Expert)
27 November 2014
under normal course it is profit/loss on sale fixed asset and credit/debited to profit & loss a/c
AJIT SINGH
(Querist)
28 November 2014
And under abnormal courses ??
CMA Ramesh Krishnan
(Expert)
28 November 2014
it is treatment under companies act and accounting practices. only Income tax has different we need to calculate the capital gain/loss subject to certain conditions.
AJIT SINGH
(Querist)
28 November 2014
Thanks Mr Ramesh
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