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sale of fixed assets

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(Querist)
26 August 2010 Sir,
co. have sold fixed assets according to valuation assets sold on profit ,so pl. guide me that what is accounting entry of sale , profit etc. & on dep. sch. i will less, assets total sale value or before profit value. pls guide me with exmaple.
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CA Manoj Kumar Rai

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CA Manoj Kumar Rai (Expert)
26 August 2010 Dear sonu,

If sales value of assets >w.d.v. of assets than profit
on other hand if sales value
Accounting Entries
I IN CASE OF PROFIT

Bank/Cash A/c Dr (Sales Value)
To Assets A/c (WDV)
To Profit on sale of assets (Sales value-WDV)

II IN CASE OF LOSS

Bank/Cash A/c Dr (Sales Value)
Loss on sales A/C (WDV-sales value)
TO Assets A/C (WDV )


Please charge the depreciation on resale date.
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