Sale of fixed asset.
Querist : Anonymous
In F.Y.2011-12 rate of cargo van was 145000/- but i sold it in Rs.130000/- this year..
please tell me that how should i show the loss amount Rs.15000/- which i have incurred on selling????
thanking you in advance..
However, presuming that the WDV as on date of sale was RS. 145000, and sale price being Rs. 130000, the following entry needs to be made in TAlly:-
Bank/Cash/Party A/c Dr. 130000
Loss on sale of fixed asset A/c Dr. 15000
To Fixed Asset -- (CargoVan) A/c 145000.
Querist : Anonymous
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