Sale of asset process
This query is : Resolved
24 January 2013
Hi ,,,
Please can any one explan regarding sale of asset and how to account it in books
Please can any one explan regarding sale of asset and how to account it in books
CA Prashant Gupta
(Expert)
24 January 2013
Asset can be sold on profit or loss. you need to get depreciable value also.
if asset depreciated value is 1 lac
it is sold for 1.25 lac
then entry will be
Bank A/c Dr 1.25 lac
To Asset 1 lac
To profit on sale of asset 0.25 lac
if asset depreciated value is 1 lac
it is sold for 1.25 lac
then entry will be
Bank A/c Dr 1.25 lac
To Asset 1 lac
To profit on sale of asset 0.25 lac
CA Prashant Gupta
(Expert)
25 January 2013
schedule XIV of companies act will help.
every asset has different rate. So if you tell me then I can tell the rate. normally companies use SLM. it is calculated on day wise means if you sold asset on 30th June then dep will be calculated from 1 April to 30th June.
every asset has different rate. So if you tell me then I can tell the rate. normally companies use SLM. it is calculated on day wise means if you sold asset on 30th June then dep will be calculated from 1 April to 30th June.
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