Sale of Fixed Assets

Save Share

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 ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

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/

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now