Profit sale of buildings

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 October 2012 Dear Sir,
Our Company Sold Buildings Sale Value of The Buildings Rs.54,00,000
But now Book Vale of Buildings in Capital assets Showing Rs.18,00,000,
How to take into the Accounting sale value?

CA Sourabh Agarwal

CA Sourabh Agarwal (Expert)
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06 October 2012 Balance is profit to be taken to P & L account.

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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06 October 2012 Balance 36 Lacs Show That as "Profit on sale of assets".

If I Was Held as Investment, Then Show as "Gain on Investment".
Otherwise Profit on Sale of assets.
Entry:-

Bank Dr. 54 Lacs
to Building 18Lacs
to Profit on sale of Asset 36 Lacs