Sale of Fixed Assets
This query is : Resolved
16 January 2010
hi,
What should be the accounting entry(considering the purchase cost & accumlated depreciation) for sales of fixed asset.
for eg . we have sale one asset & we received some money from it.
What should be the accounting entry(considering the purchase cost & accumlated depreciation) for sales of fixed asset.
for eg . we have sale one asset & we received some money from it.
16 January 2010
If the sale is in profit
Dr.CASH/BANK a/c
Dr.Acc.Depreciation a/c
Cr.Profit & Loss a/c
Cr.Fixed Asset a/c.
If the Sale is in loss
Dr.CASH/BANK a/c
Dr.Acc.Depreciation a/c
Dr.Profit & Loss a/c
Cr.Fixed Asset a/c.
If the sale is in profit
Dr.CASH/BANK a/c
Dr.Acc.Depreciation a/c
Cr.Profit & Loss a/c
Cr.Fixed Asset a/c.
If the Sale is in loss
Dr.CASH/BANK a/c
Dr.Acc.Depreciation a/c
Dr.Profit & Loss a/c
Cr.Fixed Asset a/c.
17 January 2010
Just to add one point to Ramesh's reply that Fixed Asset account has to be credited with Cost of asset.
Cheers!
Cheers!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Multiple payment of self assessment tax for A Y 2025-2026
- CAPITAL GAIN REDEVELOPED FLAT
- REGARDING ITR FILING QUESTION
- CLOSING STOCK QUERY
- Requirement under FEMA &RBI
- Correction in TDS return New Traces Portal
- TDS refund Indemnity Bond
- Short Term Gain Reporting ITR
- U/S 194 T
- 44AD, 44ADA business details
- Computation of Dividend
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
