Sale of asset process

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Sathish

Sathish (Querist)
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24 January 2013 Hi ,,,

Please can any one explan regarding sale of asset and how to account it in books

CA Prashant Gupta

CA Prashant Gupta (Expert)
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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

Sathish

Sathish (Querist)
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25 January 2013 Depreciation Calculations ? plz

CA Prashant Gupta

CA Prashant Gupta (Expert)
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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.

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