Sale of Fixed Assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 June 2011
* In balnce sheet total block of assest was rs. 5,00,000/-
* sold of one of them assets in 1st Half for rs. 2,50,000/- which opening wdv was rs. 1,96,000/- then profit was rs. 53,480/-
* Then profit should shown to PL A/c or Adjust in block of assets ?
And
* How much depriciation could shown or not ?
* sold of one of them assets in 1st Half for rs. 2,50,000/- which opening wdv was rs. 1,96,000/- then profit was rs. 53,480/-
* Then profit should shown to PL A/c or Adjust in block of assets ?
And
* How much depriciation could shown or not ?
CA PARAS BAFNA
(Expert)
26 June 2011
No need to Debit/ Credit by the Loss/Profit
on Sale of Machinery to P&L A/c.
*
Sale Amount to be directly deducted from the block.
500000-250000= 250000 will be the value at the end as on last day
*
Provide Depreciation @ full rate on balance in the block of Rs. 250000/
on Sale of Machinery to P&L A/c.
*
Sale Amount to be directly deducted from the block.
500000-250000= 250000 will be the value at the end as on last day
*
Provide Depreciation @ full rate on balance in the block of Rs. 250000/
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