sale of fixed asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2011
suppose
asset's Historical cost-- 100000.00
Provision For depreciation- 25000.00
WDV as on 01.04.10-- 75000.00
Asset is sold for --- 120000.00
What should be the accounting treatment in the book of account And whether capital reserve arise for rs 20000.00 ?
asset's Historical cost-- 100000.00
Provision For depreciation- 25000.00
WDV as on 01.04.10-- 75000.00
Asset is sold for --- 120000.00
What should be the accounting treatment in the book of account And whether capital reserve arise for rs 20000.00 ?
Guest
Guest
(Expert)
13 July 2011
For Single Asset:
Bank A/c Dr…………………………..120,000
To Fixed Asset……….75,000
To P/L Account………..45,000
For Block of Assets:
Bank A/c Dr…………………..120,000
To Fixed Assets A/c……….120,000
Bank A/c Dr…………………………..120,000
To Fixed Asset……….75,000
To P/L Account………..45,000
For Block of Assets:
Bank A/c Dr…………………..120,000
To Fixed Assets A/c……….120,000
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