Profit & loss on sales of fixed assets
This query is : Resolved
11 January 2014
We are manufacturer & Pvt. Ltd. co. Please solve the below query :-
- Purchase of Machine :-
Dtd. 02.04.2012 of Rs. 483051.00
- Sales of above machine :-
Dtd. 22.06.2013 of Rs. 510000.00
- Rate of Depreciation as per Co. Act (WDV) 13.91%
My question is that how to calculate Profit on sales of above machine. What will be the Profit?
Thanks.
- Purchase of Machine :-
Dtd. 02.04.2012 of Rs. 483051.00
- Sales of above machine :-
Dtd. 22.06.2013 of Rs. 510000.00
- Rate of Depreciation as per Co. Act (WDV) 13.91%
My question is that how to calculate Profit on sales of above machine. What will be the Profit?
Thanks.
11 January 2014
Cost price = 4,83,051
Less: Depreciation 12-13 = 67,394
Less: Depreciation 13-14 = 13,223
WDV as on 22/6/13 = 4,02,434
Gain = 5,10,000 - 4,02,434 = 1,07,566
Less: Depreciation 12-13 = 67,394
Less: Depreciation 13-14 = 13,223
WDV as on 22/6/13 = 4,02,434
Gain = 5,10,000 - 4,02,434 = 1,07,566
11 January 2014
Sir, how many days in 2012-13 & 2013-14 you have taken for calculation?
I think dep. for 2012-13 is = 67008.00
((483051*13.91%)*364/365)
& for 2013-14 is = 13001.00
((416043*13.91%)*82/365)
Please clear me if I wrong.
Thanks.
I think dep. for 2012-13 is = 67008.00
((483051*13.91%)*364/365)
& for 2013-14 is = 13001.00
((416043*13.91%)*82/365)
Please clear me if I wrong.
Thanks.
11 January 2014
Yes your calc is correct.
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