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Querist : Anonymous

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Querist : Anonymous (Querist)
08 January 2013 Manish Industry purchased a machinery worth Rs 50000 in 1st Jan 2004.They charged depriciation at 10% p.a on 31 Dec every year.On 1st OCT 2006 they sold the machinery at Rs 60000.Calculate the profit on sale of asset
Calculate Depriciation as per WDV and SLM
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CA Priyank Singhi

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CA Priyank Singhi (Expert)
09 January 2013 Since you have sold the asset in the same year using SLM or WDV method will not make any difference. Charge dep for 9 months @ 10% viz 50000*10%*9/12 = 3750.
Dep A/c Dr 3750
To Asset A/c 3750

Now the value of your asset is 50000 - 3750 = 46250.
Profit on sale of machinery = 60000-46250 = 13750.

Bank A/c Dr. 60000
To Profit on sale of Machinery Dr. 13750
To Asset A/c 46250

Now trf Profit on sale to P/L
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