New engine purchase

This query is : Resolved

ramesh vadnala (Querist)
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31 July 2015 we have purchased new engine for forklift due to damage of old engine & sold old engine to the seller of new engine for consideration.

whether the engine treated as fixed asset or not and how to treat old engine consideration.. Please advise.. Thank you

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 July 2015 New engine can be capitalized as an independent asset and depreciated. Estimate the value of the old engine for fork lift and remove it from asset value and adjust the sale value of old engine charge the balance P&L.

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