Profit/loss on sale of vehicle
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 March 2014
Car purchased for Rs.5 lacs in 2011 sold for rs.2 lakhs in 2013 by a Trust. Depreciation has not been provided/claimed. What will the profit/loss on sale? and the treatment of the same in accounts.
21 March 2014
u need to deduct depreciation from date of purchase till date of sale which will be wdv
Profit/Loss on sale of car=Selling price - WDV
if ans is +ve then profit else loss
Profit/Loss on sale of car=Selling price - WDV
if ans is +ve then profit else loss
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