Sale of fixed asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 April 2012
My boss have old TV and telephone instruments,which were shown in fixed assets.The TV was damaged and sold for Rs.5000/- the asset value was Rs.54000/- after depreciation.And also Telphone instruments were sold very old and sold in as scrap.The asset value was Rs.94000/-and he got Rs.20000/- as scrap value.
What is the entry to be passed in his books of accounts.
Please reply back immediately.
What is the entry to be passed in his books of accounts.
Please reply back immediately.
28 April 2012
For Sale of TV:-
Cash/Bank a/c Dr 5000
Loss on sale of TV a/c Dr 49000
To TV 54000
For sale of Telephone Instrument
Cash/Bank a/c Dr 20000
Loss on sale of Tel. Ins. a/c Dr 74000
To Telephone Instrument 94000
Cash/Bank a/c Dr 5000
Loss on sale of TV a/c Dr 49000
To TV 54000
For sale of Telephone Instrument
Cash/Bank a/c Dr 20000
Loss on sale of Tel. Ins. a/c Dr 74000
To Telephone Instrument 94000
28 April 2012
SInce TV & instruments were treated as fixed assets, difference will be treated as. Following entry to be passed(assuming there is no provision for depreciation)
Bank/Cash A/C Dr. 5000
P & L A/C Dr. 49000
Aseet TV A/C cr. 54000
Bank A/C Dr. 20000
P & L A/C Dr. 74000
Telephone Instrum. Cr. 94000
Bank/Cash A/C Dr. 5000
P & L A/C Dr. 49000
Aseet TV A/C cr. 54000
Bank A/C Dr. 20000
P & L A/C Dr. 74000
Telephone Instrum. Cr. 94000
28 April 2012
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